12:16 PM EDT, 07/02/2025 (MT Newswires) -- Tesla's (TSLA) second-quarter deliveries fell year over year amid rising competition in the electric vehicle space, but the tally rose sequentially.

The EV maker said Wednesday that it delivered 384,122 vehicles in the June quarter, compared with 443,956 units delivered in the same period a year ago and 336,681 in the first quarter.

The consensus forecast on FactSet was for deliveries of 387,000 units. Wedbush Securities said the print was better than Wall Street's whisper numbers of about 365,000 deliveries.

"While the company has seen significant weakness in China in previous quarters given the rising competitive landscape across EVs, Tesla saw a rebound in June with sales increasing for the first time in eight months reflecting higher demand for its updated Model Y," Wedbush analyst Daniel Ives said in a note. "Deliveries in the region are starting to slowly turn a corner with China representing the heart and lungs of the (Tesla) growth story."

Shares of Tesla were up 4.4% intraday, lowering this year's decline to 22%.

The rebound follows a six-day losing streak, including Tuesday's 5.3% slump amid renewed tensions between Chief Executive Elon Musk and President Donald Trump.

After recently stepping up his criticism of Trump's tax and spending bill, Musk praised the US leader on Wednesday for playing a role in resolving "several serious conflicts around the world."

"If Musk continues to lead and remain in the driver's seat, we believe Tesla is on a path to an accelerated growth path over the coming years with deliveries expected to ramp in the back-half of 2025 following the Model Y refresh cycle," Ives said.

Also on Wednesday, Tesla rival Rivian Automotive ( RIVN ) said it delivered 10,661 vehicles during the second quarter, down from 13,790 units a year earlier but higher than the first quarter's 8,640 tally.

"Production was limited during the second quarter in preparation for model year 2026 vehicles expected to launch later this month," Rivian said.

The company said that the latest print was in line with its outlook, and that it continues to expect full-year deliveries of 40,000 to 46,000.

Rivian share were down 2.4% in Wednesday trade.

Tesla is scheduled to announce its second-quarter results on July 23. Rivian will release its financials on Aug. 5.

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