Demand Strength vs Margin Compression

Tesla's June EV market share surged to 61.5% (registrations up 8% vs market down 11%). China exports up 143% YoY in July; Japan delivery network expanding 60%. Base Model 3 wait pushed to Q1 2027, Model Y to Q4 2026, indicating demand outstripping supply. However, H1 2026 revenue record but 6-year low profit; operating margin 2.6%, per-vehicle profit under $1k in Q2. Analysts remain cautious on valuation and margin collapse. Sweden strike resolved by paying off union.