Tesla said it delivered 480,126 vehicles in the second quarter of 2026. That was up 25 percent from a year earlier and ended a two-year decline in quarterly deliveries.

On July 3, foreign media outlets including CleanTechnica reported the figure beat the market forecast of 406,024 vehicles by more than 74,000. It also topped the most optimistic forecasts from Goldman Sachs and Barclays of 418,000 to 420,000. Compared with deliveries of 358,023 in the first quarter of 2026, it was up 34 percent.

Second-quarter production was 451,758 vehicles, with deliveries exceeding production by 28,368. That contrasted with the first quarter, when production of 408,386 far exceeded deliveries, building inventory. This was the highest second-quarter total on record, surpassing the previous high of 466,140 in the second quarter of 2023. Across all quarters, it was the second-highest after the third quarter of 2025, when demand surged ahead of the end of a U.S. electric vehicle tax credit. The energy storage business also performed well. Second-quarter energy storage deployments totaled 13.5 GWh, up more than 40 percent from 9.6 GWh a year earlier.

The biggest factor behind the strong results was the Iran war that broke out on Feb. 28. Disruptions to shipping through the Strait of Hormuz cut global crude supply by about 20 percent, sending Brent to more than $100 to $120 a barrel, up more than 50 to 60 percent. Global gasoline prices jumped more than 30 to 50 percent, and the U.S. average rose to above $4 a gallon from around $3 before the war.

The surge in oil prices had an overall positive impact on electric and hybrid vehicle sales. In the U.S. market, however, the increase was larger for hybrids than for electric vehicles. Most automakers focus on hybrid lineups, and many consumers are not yet ready to switch to electric vehicles. In the United States, gasoline remains relatively cheap even after rising, limiting the impact, while in markets such as Australia that experienced actual fuel shortages, electric and hybrid sales rose sharply.

An easier year-on-year comparison also helped results. Tesla was ramping up production of the refreshed Model Y in the second quarter last year.

Large incentives in the United States also drove results. Tesla offered low-interest financing and free options on major popular models, allowing buyers to save up to $8,000. With most Tesla vehicles priced below the average new-car price, and with savings on fuel and maintenance also factored in, its price competitiveness stands out further. Oil prices tied to the Iran war have fallen sharply since a peace agreement, but there are also views that it is unclear how long the agreement will hold. As long as conflict in the Persian Gulf region continues, oil prices are likely to remain at levels that support electric and hybrid sales.