Tesla and Rivian Q2 delivery beats prompt UBS to raise price targets

Tesla reported second‑quarter 2026 deliveries of 480,126 vehicles, a 25% year‑over‑year increase and the best Q2 in the company's history. Production was 451,758 units, and the strong sales lift came largely from China and Europe. Despite the beat, Tesla shares fell 7.5% on the announcement, closing near $393. UBS analyst Joseph Spak raised Tesla's price target to $442 from $364, a 21% increase.

Rivian delivered 12,194 vehicles in Q2, exceeding its guidance of 9,000‑11,000 and the Visible Alpha consensus. The company lifted its full‑year 2026 delivery outlook to 65,000‑70,000 units and announced a $1.2 billion underwritten public offering of 75 million shares. UBS increased Rivian's price target to $17 from $16, implying a modest upside.

Both analysts kept neutral ratings on the stocks, citing the delivery beats as a reason to improve valuation expectations for the two electric‑vehicle makers.