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$TSLA deliveries are the first sign we're exiting the EV winter that started in March of 2024. June Deliveries were up 25% y/y (vs. the Street up 6% and the high-end estimate of 21%). This was the strongest delivery number since Sep'23, which was up 27% y/y. Additionally, June Deliveries would have been up 27% if not for the S/X sunset. My guess is higher gas prices worldwide likely impacted deliveries by 5%. In other words, the strength in deliveries tells us something bigger is going on. That is Tesla's fundamentally the most appealing EV on the market (in the U.S.) and more broadly, consumers are returning to EVs. Deliveries still matter because more vehicles means more shots on goal for autonomy.