Tesla Delivered 480,126 Vehicles in a Quarter and Still Missed on Profit. Here's Where the Money Went.

Tesla beat delivery and revenue estimates in Q2 2026 with 480,126 vehicles delivered, but missed profit expectations due to rising costs and lower automotive revenue per delivery. Cost of goods sold increased from higher commodity costs and promotional financing expenses, while operating expenses rose from R&D spending on new products like the Semi truck, Optimus, and Cybercab. The slower-than-expected robotaxi rollout is making investors less forgiving of these margin pressures.