Tesla (TSLA) released its Q2 deliveries and production numbers on Wednesday, July 2. The deliveries, which closely approximate vehicle sales fell 13.5% year-over-year. The decline was higher than the 13% fall in Q1 and was the worst ever for the company.

Tesla is banking on self-driving technology to drive its next wave of growth. The company recently launched robotaxi services in Austin and completed a fully autonomous Model Y delivery, with no driver and no remote guidance. Musk envisions robotaxis as a game-changing revenue stream amid rising EV competition.

Tesla's Q2 delivery data, while better than feared, remains weak and signals ongoing operational uncertainties. Click here to find out why TSLA is a Hold.