NEW YORK (AP) — For the second quarter in a row, Tesla has posted a rise in vehicle sales, raising hopes that the company may be turning a corner after a bruising period of consumer backlash and increased competition.
The electric automaker, led by Elon Musk, announced Thursday that it delivered 480,126 cars during the most recent three-month period — a dramatic jump from the 384,122 vehicles delivered during the same stretch a year ago. The company also built 451,758 vehicles during the second quarter. Analysts had projected around 401,000 deliveries, according to FactSet estimates, making the actual results a notable beat.
Despite the strong numbers, Tesla’s stock edged down slightly in early Thursday trading.
Tesla did not release a regional breakdown of its sales figures, but European automotive trade organizations had already reported significant gains on the continent in May, including a 300% surge in Germany. European consumers had been among the most vocal in their opposition to Musk, with anger tied to his support for far-right political figures — but those buyers appear to be returning to Tesla showrooms.
The Austin, Texas-based company is leaning heavily on lower-priced versions of its Model Y and Model 3, both introduced last year, to drive demand. Tesla is also counting on European expansion of its driver assistance technology, known as Full Self-Driving (Supervised), which has already received approval in the Netherlands, Estonia, Greece, and Lithuania.
The road to this recovery was rocky. Last year, Tesla faced protests outside dealerships in both Europe and the United States, a Musk effigy burned in Milan, and acts of vandalism directed at Tesla owners. Sales declined sharply during that period.
As those numbers fell, Musk worked to redirect attention away from vehicle sales and toward the company’s longer-term ambitions — including robotics, autonomous driving technology, and self-driving robotaxis.
That pivot appears to have won over Wall Street. Tesla’s share price has fully rebounded from a steep drop earlier last year, gaining more than 40% over the past 12 months.
