JPMorgan Calls Tesla-SpaceX Merger Coherent as Q2 Deliveries Hit Record

The narrative has evolved from early merger speculation to a focus on execution and valuation after Tesla’s strong Q2 results. JPMorgan labeled a potential tie-up strategically coherent on paper while flagging regulatory and governance hurdles, especially in China. Tesla delivered 480,126 vehicles, beating estimates by 18% and rising 25% year-over-year, with energy storage reaching 13.5 GWh. Shares stabilized near $403 after volatility triggered by merger talk. Investors now await July 22 earnings to validate the AI and robotics narrative over speculative deal chatter.