Tesla Inc. has seen vehicle sales rise over the past three months, marking the second straight quarter of growth. The company delivered more than 480,000 EVs globally, beating Wall Street's modest expectations by a wide margin and gaining ground in a slower-growing global market for plug-in cars.
This rebound is attributed to geographic expansion and the introduction of cheaper versions of the Model 3, Model Y, and Cybertruck. Price cuts specifically helped the electric automaker rebound in Europe during the second quarter, which offset declines in the United States.
The increase in sales suggests that the worst of the boycotts and lost market share to rivals may be behind the company. Tesla is working to recover from consecutive annual declines in vehicle sales that were partly caused by consumer backlash against CEO Elon Musk.
The electric automaker currently sells just three new-car models, as CEO Elon Musk puts the company's focus on robotics and autonomous vehicles.