Tesla Inc (NASDAQ:TSLA) shares fell Thursday despite topping estimates for second-quarter deliveries, and Deepwater Asset Management’s Gene Munster explained why.
The electric vehicle (EV) maker reported second-quarter deliveries of 480,126 vehicles, up 25% year-over-year and up 34% from the first quarter.
This total came in ahead of a Street estimate of 406,000.
Munster shared on social media Thursday that the sell-off likely happened for three key reasons: buying on the rumor, high gas prices boosting demand, and the end of the Department of Government Efficiency headwind.
"The EV winter that started in March of 2024 is ending. Even backing out those one-time benefits, it still was a monster delivery number," Munster tweeted.
