Tesla Just Delivered Fantastic News for Investors, but Don't Rush Out and Buy the Stock

Tesla delivered upbeat EV delivery figures, but the stock reaction remains cautious due to valuation concerns, according to the article. After a 12% loss as of market close on Thursday, July 2, Tesla’s shares still face skepticism despite recent improvement. On July 2, Tesla reported Q2 2026 EV deliveries of 480,126 for the quarter ended June 30, up 25% year over year and well above Wall Street’s average forecast of about 406,000. Earlier, Q1 deliveries reached 358,023, up 6%. However, the piece notes two years of declining EV sales: 1.79 million in 2024 (-1%) and 1.63 million in 2025 (-9%). The article also highlights competitive pressure in China and Europe, including BYD’s low-cost Dolphin Surf under $30,000 in Europe, and Tesla’s extreme P/E of 359 versus 35.2 for the Nasdaq-100.