Tesla Q2 Deliveries Exceed Expectations, Price Target Raised to $430

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The analyst notes that energy storage deployments were roughly in line with forecasts, though the lack of updates on AI initiatives and new vehicles leaves attention focused on Full Self-Driving and other AI developments as the more important drivers of long-term cash generation and stock performance.William Blair said Tesla's Q2 deliveries beat shows its auto business "is here to stay." Tesla has not surprised to the upside to this degree in a while, the analyst tells investors in a research note. Blair attributes the beat to higher-than-expected Model 3 and Y sales in North America, Europe, and China. Tesla's energy storage deployments of 13.5 gigawatt-hour were in line with the consensus and a recovery from last quarter, but still came in below Blair's estimate of 20.6 GWh, the analyst adds. The firm keeps a Market Perform rating on Tesla shares.CYBERCAB:In aon X, Tesla announced that "engineering tests of the first production Cybercab have begun in Austin." The post included a video showing the vehicle navigating streets with no one in the driver's position, since the Cybercab is built without a steering wheel or pedals, while a "safety monitor" sits in the passenger seat.RIVIAN DELIVERIES:Rivian Automotive announced production and delivery totals for the quarter ending June 30, 2026. The company produced 12,613 vehicles at its manufacturing facility in Normal, Illinois and delivered 12,194 vehicles during the same period. Delivery results topped Rivian's outlook of 9,000 to 11,000 vehicles for the quarter due to robust growth quarter-over-quarter in EDV and R1 coupled with the introduction of R2 deliveries.As a result of the progress Rivian has made, and the production and delivery outlook for the second half of the year, the company is raising its full year 2026 delivery guidance from 62,000 - 67,000 vehicles, to 65,000 - 70,000.LUCID DELIVERIES:Lucid Groupannounced production and delivery totals for the quarter ended June 30. During this period, the company produced 4,774 vehicles and delivered 3,953 vehicles.Lucid Group also appointed Alexander De Bock as incoming CFO. He served as CFO of TI Automotive. Taoufiq Boussaid, CFO, will depart Lucid following a handover to his successor and will support the company through its Q2 results. Lucid also announced organizational and leadership changes under CEO Silvio Napoli which will halve the number of direct reports to the CEO. Raja Ramana Macha will join Lucid as CTO with responsibility for the company's technology strategy and engineering execution. He most recently served as EVP and CTO at Eaton. Billy Hayes will join Lucid as Chief Customer Officer, effective immediately. He brings over 25 years of global automotive experience, including senior leadership roles at Nissan and Stellantis. Hugo Martinho will join Lucid as Chief Transformation Officer, effective August 1. He will oversee the new Lucid Business Process function bringing over 20 years of global industrial experience from the Schindler Group, most recently as global head of HR. Kay Stepper has been named President of Lucid Technologies and Chief Digital Officer, effective immediately. Stepper brings over 25 years of experience across the automotive and technology sectors, including leadership roles at Bosch and Qualcomm. Christian Appel has been promoted to VP, Program Management, effective immediately, with responsibility for platform program delivery and product portfolio management. He joined Lucid in April 2025 after over 15 years of automotive experience.XPENG DELIVERIES:XPengannounced its vehicle delivery results for June and the second quarter of 2026. XPeng delivered 40,126 vehicles in June, bringing total second-quarter deliveries to 103,295 units. Additionally, deliveries of GX reached 6,739 units in June and the model's 10,000th unit rolled off the production line. The company expects to debut the XPeng MONA L03 in China on July 2 with presale to commence the same day, followed by a global market launch in July. XPeng's electric vehicles delivered from January to June are expected to reduce life-cycle greenhouse gas emissions by more than 2.66M tons compared to internal combustion engine vehicles.NIO DELIVERIES:Nioannounced its June and second quarter delivery results. The company delivered 40,597 vehicles in June, representing an increase of 62.9% year-over-year. The deliveries consisted of 21,908 vehicles from Nio brand, 11,743 vehicles from Onvo brand, and 6,946 vehicles from Firefly brand. The company delivered 107,658 vehicles in the second quarter, representing an increase of 49.4% year-over-year. Cumulative deliveries reached 1,188,715 as of June 30.LI AUTO DELIVERIES:Li Autoannounced that it delivered 30,895 vehicles in June. As of June 30, Li Auto's cumulative deliveries reached 1,733,687. As of June, Li i6 surpassed 150,000 units in cumulative production. On June 23, the company launched the all-new Li L8, a five-seat SUV. The new Li L6 is set to follow in July. As of June 30, the company had 495 retail stores in 160 cities, 536 servicing centers and Li Auto-authorized servicing shops operating in 220 cities. The company also had 4,097 super charging stations in operation equipped with 22,593 charging stalls in China.ENERGY INVERTERS:The Trump administration is drafting an FCC rule that would ban imports of foreign-made power inverters used in solar and battery systems due to national security concerns that China could potentially exploit them to disrupt U.S. electricity infrastructure, Reuters' Alexandra Alper and Sarah Mcfarlane, citing sources. Publicly traded companies in the space include Array Technologies, Canadian Solar, Emeren, Enphase Energy, FTC Solar, First Solar, JinkoSolar, Maxeon Solar, Shoals Technologies, SolarEdge, SunPowerand Sunrun.APPROVAL:Okloannounced that the U.S. Department of Energy, or DOE, has approved the Documented Safety Analysis, or DSA, for Oklo Isotopes' Groves Isotope Test Reactor in Texas under DOE's Reactor Pilot Program, or RPP. The DSA is the facility's final safety basis grounded on a detailed technical analysis of potential hazards, safety controls, and operating requirements needed to support safe startup. The DSA approval follows DOE's approval of the Preliminary Documented Safety Analysis, or PDSA, which established the facility's preliminary safety basis during design and construction. With both the PDSA and DSA approved, Groves moves from the documentation phase into DOE's final pre-startup review. Oklo is targeting first criticality for Groves in July. Groves supports the development of Oklo's isotope business and helps establish a stronger domestic supply chain for critical isotopes used in cancer diagnosis and treatment, advanced manufacturing, scientific research, space exploration, and national security applications.