| Thanks for reading Hyperdrive, Bloomberg's newsletter on the future of the auto world. Read today's featured story in full on our website here. Tesla reported its second consecutive drop in quarterly deliveries, despite measures CEO Elon Musk took to stem the decline. The carmaker said Tuesday that it delivered 443,956 vehicles in the second quarter, better than the 439,302 average analyst estimate. While sales were down 4.8% from a year ago, Tesla improved on a sequential basis from the 386,810 vehicles delivered in the first quarter. The company produced 410,831 vehicles during the quarter, 14% fewer than it made during the same period a year ago. Tesla didn't offer an explanation for the dip in its sales and output, but will go into more detail when it reports second-quarter results on July 23. Its shares surged at the open of US trading. Tesla has had a tumultuous year. Musk announced major staff reductions in April and pushed internally to reduce headcount by as much as a 20%. The job losses have included sales employees, which may have played a role in weaker delivery figures. The EV maker's first new model in years, the Cybertruck, also has been slow to ramp up. Tesla blamed its first-quarter slowdown on a suspected arson attack at its vehicle factory near Berlin, as well as shipping diversions from the Red Sea. While there were fewer external disruptions to the business during the last three months, the company is struggling to grow with an older lineup of vehicles. Musk ordered price cuts across Tesla's lineup over the past year and a half, but those measures haven't been enough to sustain momentum. The Austin-based carmaker delivered 422,405 Model 3 sedans and Model Y sport utility vehicles in the second quarter, down from 446,915 a year ago. The company still hasn't broken out sales for the Cybertruck, the pickup that it began delivering late last year. Two recall campaigns in June suggested Tesla has handed over more than 11,000 of the trucks to customers. During the company's annual shareholder meeting last month, Musk said the automaker had produced 1,300 of the pickups in a week, though he didn't specify when or speak to whether Tesla would maintain that pace. Musk has said Tesla will roll out new and more affordable models by early next year, though the company has provided few details beyond saying they'll be produced on the same manufacturing lines as its current lineup. The CEO has also prioritized building a fully autonomous robotaxi and plans to hold an event to unveil the vehicle on Aug. 8. — By Kara Carlson and Dana Hull  Toyotas lined up last month at a dealership in Alhambra, California. Photographer: Eric Thayer/Bloomberg The rebound in US auto sales likely lost momentum last month amid high prices, steep borrowing costs and the cyberattack that hobbled dealerships across the country. Vehicle sales probably slowed to an annualized rate of around 15.8 million vehicles in June, based on a consensus of five market researchers, down from 16.1 million a year ago. Click here for Bloomberg's story that will update throughout the day as companies' reports roll in.  Workers on the production line at Ferrari's new E-building factory in Maranello, Italy. Photographer: Francesca Volpi/Bloomberg Part of the reason Ferrari's wealthy customers are happy to fork out so much for a supercar is they expect these stunning vehicles to retain their value, or even appreciate. However, at least one of the prancing horse's models — the plug-in hybrid SF90 Stradale — has been depreciating rapidly, in some cases losing around 30% after just three years on the road, Bloomberg Opinion columnist Chris Bryant found in reviewing UK listings site Auto Trader. These value declines could bode ill for the company's strategy of charging more for vehicles and its plan to launch a fully electric model late next year. | 
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