Tesla's second-quarter delivery volume decreased by 14% year-on-year, and investors believe that the "worst moment" may have passed

According to Zhitong Finance APP, Tesla (TSLA.US) announced its delivery data for the second quarter of 2025 on Wednesday, with a total of 384,122 new vehicles delivered, a 14% decrease compared to the same period last year, marking a year-on-year decline for the second consecutive quarter. However, despite the delivery figures being lower than last year, the market reaction was unexpectedly positive, with the company's stock price rising over 4% on Wednesday.

In the same period last year, Tesla delivered 443,956 vehicles and produced 410,831 vehicles in the second quarter of 2024. In contrast, the production for the second quarter of 2025 was 410,244 vehicles, with deliveries slightly below the consensus expectation of 387,000 vehicles from Wall Street analysts.

Among these, Tesla's best-selling Model 3 and Model Y contributed 396,835 vehicles in production and 373,728 vehicles in deliveries. The remaining models accounted for a total of 10,394 vehicles delivered.

Despite the decline in deliveries, some analysts believe that Tesla's most difficult period may be over. Gene Munster, an analyst at Deepwater Asset Management, stated on social media platform X that this delivery data was about 4% higher than market predictions. Independent analyst Troy Teslike predicted quarterly deliveries to be 356,000 vehicles on Patreon, while the market forecast by Kalshi estimated 364,000 vehicles, with the actual figures exceeding these predictions.

Tesla faces multiple challenges, especially with increasing competitive pressure in the electric vehicle market. EV manufacturers from China have launched new models with more competitive pricing, gradually eroding Tesla's market share. Additionally, Tesla indicated in the first quarter that some customers delayed orders while waiting for the new Model Y SUV, which began deliveries in March.

Political factors have also significantly impacted Tesla. CEO Elon Musk has sparked controversy due to his outspoken political stance, supporting Trump in the U.S. and publicly backing the far-right anti-immigration party AfD in Germany, leading to protests that affect brand image and consumer purchasing willingness.

Musk served as the head of the "Department of Government Efficiency (DOGE)" during the Trump administration, promoting policies to reduce the size and regulation of federal agencies, which play a key role in overseeing his business empire. Although Musk officially ended his duties at DOGE in May this year, his relationship with Trump has noticeably deteriorated recently. Over the past weekend, he criticized the trillion-dollar fiscal spending bill supported by Trump and called for the establishment of a "third party."

According to estimates from the think tank Energy Innovation, if the bill passes, it could negatively impact Tesla's solar and battery businesses and lead to a reduction of 100,000 electric vehicles sold annually before 2035. Additionally, Trump has threatened to withdraw some subsidies for Musk's companies and even claimed he might "deport Musk," despite Musk being a naturalized U.S. citizen It is worth mentioning that the Cybertruck, regarded as Tesla's new flagship, has been recalled eight times since deliveries began in November 2023 due to various software and hardware issues. This model is included in the "other models" section of the total delivery volume for this quarter.

In terms of market performance, Tesla's stock price fell more than 5% on Tuesday, closing at $300.71, with a cumulative decline of about 26% in 2025, making it the worst performer among tech giants and causing the company's market value to drop below the $1 trillion mark