

Investor's Corner
Tesla sees 18.56% quarterly revenue dip in China due to Covid lockdowns in Q2
As revealed by Tesla in a Form 10Q filing with the US Securities and Exchange Commission (SEC) on Monday, the company’s business in China experienced a quarterly decline in revenue due to the Covid lockdowns that hit the country in the second quarter.
Tesla China’s revenue hit $3.787 billion in Q2, a 32.45% increase from $2.859 billion a year ago. This number, however, also represented a decline of 18.56% from Q1 2022’s revenue of $4.65 billion. This represented the first sequential decline in Tesla China’s revenue since Giga Shanghai began vehicle production in 2019, according to a CNEV Post report.
Global revenue for the electric vehicle maker in Q2 2022 was $16.9 billion. From this number, the company’s United States division accounted for $9.6 billion of revenue or about 56.8%. Tesla China, on the other hand, accounted for 22.4% of Tesla’s Q2 revenue, down from 24.8% in Q1 2022.
While it is unfortunate to see a quarterly decline in Tesla China’s numbers, the results come as no surprise considering the Covid lockdowns that were implemented in the country in the second quarter. Shanghai’s Covid lockdowns, for example, forced Tesla’s Giga Shanghai facility to halt production for over three weeks.
Gigafactory Shanghai is situated in the Lingang, Pudong area in Shanghai. The Lingang area went into lockdown on March 28, and its residents’ travel restrictions were not lifted until June 1, 2022. As such, Giga Shanghai was also only able to return to 100% capacity utilization in early June 2022 as well.
The challenges faced by Tesla China were represented by the vehicles that the company sold over the second quarter. In April, the month which covered the bulk of the Covid lockdowns, Tesla China only sold 1,512 vehicles and produced 10,757. Deliveries steadily recovered as Giga Shanghai was ramped, with Tesla selling 32,165 vehicles in May and hitting a record of 78,906 units sold in June, according to data from the China Passenger Car Association (CPCA).
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Elon Musk
Tesla analyst issues stern warning to investors: forget Trump-Musk feud

A Tesla analyst today said that investors should not lose sight of what is truly important in the grand scheme of being a shareholder, and that any near-term drama between CEO Elon Musk and U.S. President Donald Trump should not outshine the progress made by the company.
Gene Munster of Deepwater Management said that Tesla’s progress in autonomy is a much larger influence and a significantly bigger part of the company’s story than any disagreement between political policies.
Munster appeared on CNBC‘s “Closing Bell” yesterday to reiterate this point:
“One thing that is critical for Tesla investors to remember is that what’s going on with the business, with autonomy, the progress that they’re making, albeit early, is much bigger than any feud that is going to happen week-to-week between the President and Elon. So, I understand the reaction, but ultimately, I think that cooler heads will prevail. If they don’t, autonomy is still coming, one way or the other.”
BREAKING: GENE MUNSTER SAYS — $TSLA AUTONOMY IS “MUCH BIGGER” THAN ANY FEUD 👀
He says robotaxis are coming regardless ! pic.twitter.com/ytpPcwUTFy
— TheSonOfWalkley (@TheSonOfWalkley) July 2, 2025
This is a point that other analysts like Dan Ives of Wedbush and Cathie Wood of ARK Invest also made yesterday.
On two occasions over the past month, Musk and President Trump have gotten involved in a very public disagreement over the “Big Beautiful Bill,” which officially passed through the Senate yesterday and is making its way to the House of Representatives.
Musk is upset with the spending in the bill, while President Trump continues to reiterate that the Tesla CEO is only frustrated with the removal of an “EV mandate,” which does not exist federally, nor is it something Musk has expressed any frustration with.
In fact, Musk has pushed back against keeping federal subsidies for EVs, as long as gas and oil subsidies are also removed.
Nevertheless, Ives and Wood both said yesterday that they believe the political hardship between Musk and President Trump will pass because both realize the world is a better place with them on the same team.
Munster’s perspective is that, even though Musk’s feud with President Trump could apply near-term pressure to the stock, the company’s progress in autonomy is an indication that, in the long term, Tesla is set up to succeed.
Tesla launched its Robotaxi platform in Austin on June 22 and is expanding access to more members of the public. Austin residents are now reporting that they have been invited to join the program.
Elon Musk
Tesla surges following better-than-expected delivery report
Tesla saw some positive momentum during trading hours as it reported its deliveries for Q2.

Tesla (NASDAQ: TSLA) surged over four percent on Wednesday morning after the company reported better-than-expected deliveries. It was nearly right on consensus estimations, as Wall Street predicted the company would deliver 385,000 cars in Q2.
Tesla reported that it delivered 384,122 vehicles in Q2. Many, including those inside the Tesla community, were anticipating deliveries in the 340,000 to 360,000 range, while Wall Street seemed to get it just right.
Tesla delivers 384,000 vehicles in Q2 2025, deploys 9.6 GWh in energy storage
Despite Tesla meeting consensus estimations, there were real concerns about what the company would report for Q2.
There were reportedly brief pauses in production at Gigafactory Texas during the quarter and the ramp of the new Model Y configuration across the globe were expected to provide headwinds for the EV maker during the quarter.
At noon on the East Coast, Tesla shares were up about 4.5 percent.
It is expected that Tesla will likely equal the number of deliveries it completed in both of the past two years.
It has hovered at the 1.8 million mark since 2023, and it seems it is right on pace to match that once again. Early last year, Tesla said that annual growth would be “notably lower” than expected due to its development of a new vehicle platform, which will enable more affordable models to be offered to the public.
These cars are expected to be unveiled at some point this year, as Tesla said they were “on track” to be produced in the first half of the year. Tesla has yet to unveil these vehicle designs to the public.
Dan Ives of Wedbush said in a note to investors this morning that the company’s rebound in China in June reflects good things to come, especially given the Model Y and its ramp across the world.
He also said that Musk’s commitment to the company and return from politics played a major role in the company’s performance in Q2:
“If Musk continues to lead and remain in the driver’s seat, we believe Tesla is on a path to an accelerated growth path over the coming years with deliveries expected to ramp in the back-half of 2025 following the Model Y refresh cycle.”
Ives maintained his $500 price target and the ‘Outperform’ rating he held on the stock:
“Tesla’s future is in many ways the brightest it’s ever been in our view given autonomous, FSD, robotics, and many other technology innovations now on the horizon with 90% of the valuation being driven by autonomous and robotics over the coming years but Musk needs to focus on driving Tesla and not putting his political views first. We maintain our OUTPERFORM and $500 PT.”
Moving forward, investors will look to see some gradual growth over the next few quarters. At worst, Tesla should look to match 2023 and 2024 full-year delivery figures, which could be beaten if the automaker can offer those affordable models by the end of the year.
Investor's Corner
Tesla delivers 384,000 vehicles in Q2 2025, deploys 9.6 GWh in energy storage
The quarter’s 9.6 GWh energy storage deployment marks one of Tesla’s highest to date.

Tesla (NASDAQ: TSLA) has released its Q2 2025 vehicle delivery and production report. As per the report, the company delivered over 384,000 vehicles in the second quarter of 2025, while deploying 9.6 GWh in energy storage. Vehicle production also reached 410,244 units for the quarter.
Model 3/Y dominates output, ahead of earnings call
Of the 410,244 vehicles produced during the quarter, 396,835 were Model 3 and Model Y units, while 13,409 were attributed to Tesla’s other models, which includes the Cybertruck and Model S/X variants. Deliveries followed a similar pattern, with 373,728 Model 3/Ys delivered and 10,394 from other models, totaling 384,122.
The quarter’s 9.6 GWh energy storage deployment marks one of Tesla’s highest to date, signaling continued strength in the Megapack and Powerwall segments.
Year-on-year deliveries edge down, but energy shows resilience
Tesla will share its full Q2 2025 earnings results after the market closes on Wednesday, July 23, 2025, with a live earnings call scheduled for 4:30 p.m. CT / 5:30 p.m. ET. The company will publish its quarterly update at ir.tesla.com, followed by a Q&A webcast featuring company leadership. Executives such as CEO Elon Musk are expected to be in attendance.
Tesla investors are expected to inquire about several of the company’s ongoing projects in the upcoming Q2 2025 earnings call. Expected topics include the new Model Y ramp across the United States, China, and Germany, as well as the ramp of FSD in territories outside the US and China. Questions about the company’s Robotaxi business, as well as the long-referenced but yet to be announced affordable models are also expected.
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