GoKawiilTesla shares slid more than 5% on Thursday, their worst slump of the year, after the company's deliveries and production report for the first quarter showed a drop from the prior period, with mild growth from a year earlier. Tesla has recorded annual declines in the past two years.
Here are the key numbers:
Total Q1 vehicle deliveries: 358,023
Total Q1 vehicle production: 408,386
Analysts were expecting 370,000 deliveries, according to StreetAccount estimates, while a company-compiled consensus by Tesla, published on March 26, said the average estimate was for 365,645 deliveries in the first quarter.
Deliveries improved 6% from a year ago, when Tesla reported 336,681. The first quarter of 2025 marked a decline of 13% over the first quarter of 2024. Tesla's total deliveries for 2025 fell to 1.64 million from 1.79 million in 2024.
With Thursday's drop, the stock is down 20% in 2026.
Tesla's entry-level Model 3 sedan and most popular Model Y SUVs accounted for 341,893 for the quarter, the company said in the latest report. Deliveries are the closest approximation of sales reported by Tesla, but are not precisely defined in the company's shareholder communications.
While CEO Elon Musk has been refocusing the company to produce a driverless Cybercab and Optimus humanoid robots, Tesla has yet to sell those products and still relies on auto sales for the bulk of its revenue. In January, Tesla announced it was ending production of its flagship Model S and X vehicles, and would use the factory lines where they were assembled in Fremont, California, to build Optimus robots.
The S and X had long been in decline for Tesla. The 3 and Y accounted for 97% of the company's deliveries last year.