On July 2, 2026, Eastern Time, Tesla released market-exciting second-quarter delivery data—global deliveries reached 480,126 vehicles, a year-over-year increase of 25% and a quarter-over-quarter increase of 34%, setting the strongest second-quarter performance in the company’s history. This figure far exceeded Wall Street analysts’ prior consensus expectation of about 406,000 vehicles, surpassing it by more than 74,000 vehicles. However, during U.S. stock trading on July 2, Tesla’s share price closed down sharply by 7.49%, at $393.45, recording its largest single-day drop in nearly a year. This is already the third consecutive time Tesla’s stock has fallen after it announced quarterly delivery figures.

At the same time, the U.S. Bureau of Labor Statistics released its June non-farm payroll report, showing that only 57,000 new jobs were added that month—far below the market expectation of 115,000. The employment market cooling more than expected drove the Dow Jones Industrial Average up 1.14%, reaching a historical high of 52,900.07 points, but the Nasdaq Composite fell 0.8% to 25,832.67 points, weighed down by chip stocks. As an important component of the Nasdaq, Tesla’s 7.49% single-day decline became one of the key factors dragging on the technology sector.

Record-breaking deliveries, yet a stock price plunge—behind this abnormal phenomenon is systematic sell-off pressure formed by multiple factors stacking together. From five dimensions—good news being priced in early, concerns about profitability, missing AI progress, regulatory risks, and a macro style shift—we break down the divergence between Tesla’s stock price and fundamentals, at the point where the source text ends with “完”.