New Delhi, July 2 -- For two straight years, every Tesla quarterly report delivered the same uncomfortable verdict: the company that defined the mass-market electric vehicle was losing ground on volume. On Wednesday, Elon Musk's company drew a hard line under that period.

a 25 percent increase over the same quarter last year and what the company said was its best Q2 delivery result on record, according to the production and deliveries report Tesla published Wednesday.

The number beat the most optimistic analyst projections by close to 60,000 units. Wall Street consensus heading into Wednesday's report had clustered around 406,000 deliveries. Even Goldman Sachs and Barclays, which had placed their targets near 418,000 to 420,000, fell we...