Tesla Reports Strong Deliveries, Yet Investors Remain Unimpressed

Tesla reported substantially more second-quarter deliveries than Wall Street expected, likely a partial reflection of EV demand pushed higher by high U.S. gas prices amid the U.S.-Iran conflict.

Rivian also topped its own second-quarter projections, and lifted its full-year guidance.

Shares of Tesla tumbled Thursday morning, while Rivian stock jumped more than 10%.

Tesla's deliveries delivered today. Elon Musk's EV company on Thursday morning said second-quarter deliveries came in above 480,000, substantially topping both Visible Alpha's average of Wall Street analysts' expectations and an average compiled by the company.

That data—along with news that Rivian ( RIVN ) said its own Q2 deliveries came in higher than it expected, leading it to lift its full-year guidance—may in part reflect an uptick in EV demand driven by gas prices that were pushed higher by the U.S.-Iran conflict.

Shares of Rivian were recently up 11%, while Tesla ( TSLA ) was off more than 6% in early Thursday trading.

High gas prices can affect consumer behavior in a number of ways, including restraining other types of spending and sending drivers to the fuel pump more frequently for less gas.

Data from the second quarter indicated that they may also have driven car buyers to EVs as they sought relief.

The average price of a gallon of regular unleaded, recently a bit above $3.80 according to AAA data, is down from a month ago but well above year-earlier levels.