Tesla’s Q1 delivery numbers are in, and they’re not pretty: 336,000 vehicles, a 13% drop from last year, sending shares tumbling 4% after already enduring its worst quarter since 2022.
Here’s a quick breakdown:
- Total deliveries Q1 2025: 336,681.
- Total production Q1 2025: 362,615.
Wall Street expected more; StreetAccount’s consensus hovered between 360,000 and 370,000 deliveries, while Tesla’s own compiled estimates pointed to 377,590. Even prediction market company Kalshi was closer, forecasting 352,000.
To provide context, Q1 2024 saw Tesla deliver 386,810 vehicles with a production output of 433,371.
Wedbush Securities analyst Dan Ives didn’t mince words, calling the report a “fork in the road moment” and a “disaster on every metric,” citing refresh issues and a potential “brand crisis” on X.
Deliveries are Tesla’s closest approximation of sales, even if the company doesn’t precisely define them.
Tesla’s breakdown reveals that 323,800 Model 3 and Model Y vehicles were delivered out of the 345,454 produced. Deliveries of other models, including the Cybertruck, amounted to 12,881.
Production slowdowns occurred due to factory upgrades preparing for a redesigned Model Y, which Musk optimistically predicts will be the “best-selling car on Earth again this year.”
However, Tesla’s facing headwinds including increased EV competition and reputational challenges stemming from Musk’s political activities. These include his backing of President Trump and involvement in European politics.
Across 15 European countries, Tesla’s market share has nearly halved, falling from 17.9% to 9.3%, according to EU-EVs.com’s data. In Germany, the drop is even steeper, plummeting from roughly 16% to just 4%.
Sales in China also dipped, with a 11.5% year-on-year slump in March to 78,828 vehicles, based on China Passenger Car Association data.
A controversial claim from early in the quarter stated Tesla sold 8,653 EVs in Canada during a single weekend, potentially entitling them to significant EV subsidy payments. The validity of these sales is now under investigation by Canada’s transportation minister, who has frozen the payments.
The first quarter saw Tesla shares take a 36% dive, the worst since Q4 2022, wiping out $460 billion in market capitalization.
