Tesla deliveries beat expectations in second quarter after consecutive annual declines

Tesla reported vehicle delivery and production levels in the second quarter were far higher than Wall Street expectations. 

The company reported that it delivered 480,126 vehicles in the quarter, and produced 451,758. Analysts expected approximately 406,600 deliveries, CNBC reported. 

In the second quarter of last year, Tesla reported 384,000 deliveries and 358,023 deliveries in the first quarter of this year. 

Despite the positive numbers, shares of the company dropped 7% on Thursday.

The company said that its entry-level Model 3 sedan and Model Y SUV accounted for 97% of its deliveries.