Stock price drops over 5%! Tesla's Q1 deliveries fall short of expectations! Missed for two consecutive quarters!

（Source: invest wallstreet）

Tesla’s global deliveries in the first quarter totaled 358k units, below the 372k units average analyst expectation compiled by Bloomberg, marking one of the weakest quarters in recent years. Total vehicle production was 408k units, up 13% year over year, exceeding expectations of 388k units. The gap between production and deliveries implies that inventory has been building up, or reflects pressure on end-market demand.

Tesla failed to meet Wall Street expectations for the second consecutive quarter, putting pressure on the electric vehicle maker that is currently seeking to transition its business.

On Thursday, the company reported that its global deliveries in the first quarter this year were 358,023 vehicles, below the 372,160 vehicles average analyst expectation compiled by Bloomberg, making it one of the weakest quarters in recent years.

After the delivery data was released, Tesla’s stock price in U.S. markets fell by more than 5%, further dragging down its cumulative decline year to date.

Despite total deliveries rising 6.3% year over year, this growth rate is anchored to a relatively low comparison base—around the same period last year, Tesla had paused global factory production of its flagship Model Y and faced market resistance to CEO Elon Musk. With U.S. demand for electric vehicles remaining soft, it further increases the difficulty for Tesla’s core business to recover.

Deliveries missed expectations, with flagship models weighing heavily

In the first quarter, Tesla’s combined Model 3/Y deliveries totaled 341,893 units, up about 5.6% year over year, also below the market’s average expectation of 353,928 units.

Meanwhile, total vehicle production was 408,386 units, up 13% year over year, exceeding expectations of 388,169 units; Model 3/Y production was 394,611 units, up about 14%, also above expectations of 377,147 units. The gap between production and deliveries implies that inventory has been building up, or reflects pressure on end-market demand.

Stock price remains under pressure; down cumulatively since the start of the year

After the data was released, Tesla’s stock fell 3.6% in pre-market trading in New York, and as the broader market weakened overall, the selloff extended further.

As of Thursday’s close, the stock is down 20% from its all-time high this year.

Analysts’ delivery forecasts for Tesla have continued to be cut over the past few weeks, but the final results still failed to reach the revised expectation levels, showing that market confidence in its core sales business remains not yet solid.

Investors are betting on the future; the core auto business cannot be ignored

Despite continued pressure on sales data, investors largely chose to focus on Tesla’s strategic plans in artificial intelligence, autonomous driving, and robotics, and Musk has also recently worked to emphasize these forward-looking business directions to the market.

However, the company’s traditional auto business still remains its main source of cash, despite being headquartered in Austin. Against the backdrop of ongoing fluctuations in U.S. EV market demand and an increasingly complex competitive landscape, whether Tesla can regain sales momentum remains a key concern investors can hardly avoid.

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