Tesla sales continue to slump — but not as bad as analysts worried

• Tesla sales were down nearly 5% in the second quarter.
• The performance wasn't as bad as analysts expected.
• Tesla's stock price rose in early trading following the news.

Tesla's deliveries fell for a second straight quarter, down nearly 5% compared to the same period a year ago.

Tesla reported second-quarter sales of 443,956 units Tuesday morning, down from 466,140 in the same quarter a year ago but topping analyst expectations.

While the decline in sales is yet another sign that an industry-wide EV slowdown is finally affecting Elon Musk's Tesla, Tuesday's deliveries were not as bad as some analysts had expected.

Analysts polled by Bloomberg had expected Tesla to deliver 439,302 cars in the second quarter, a roughly 6% decline compared to last year.

Tesla's stock opened up about 5% Tuesday following the news.