Tesla saw its revenue and deliveries rise again this quarter, but the Q2 profit margin of 16.7%, was down from 17.2% in Q2 2025 and 21.1% in Q1 2026. Tesla’s margin peaked at almost 30% in early 2022 and fell below 20% at the beginning of 2023. The company gave out discounts and discounted car loan rates in Q2, explaining why more deliveries coincided with less profit. Revenue per delivery was over $50,000 in 2021, but is now below $43,000. Tesla at the same time increased investments in factories and battery manufacturing facilities, which also caused its profit margin to shrink.