Tesla has reported first-quarter 2026 vehicle deliveries below analyst estimates. The company delivered 358,023 vehicles and produced 408,386 during the quarter. Although deliveries rose from a year earlier, the result marked another weak quarter for the EV maker as competition, policy changes, and investor focus on margins remained in view.
Tesla said it delivered 358,023 vehicles in the first quarter of 2026. That figure came in below analyst expectations. StreetAccount had estimated 370,000 deliveries, while Tesla’s own compiled consensus, published on March 26, pointed to an average estimate of 365,645.
Following the report, Tesla shares fell about 3% to 4% in early trading on Thursday. The decline followed investor reaction to the delivery miss and continued amid broader market pressure tied to geopolitical tensions and risk sentiment.
The firm also reported total production of 408,386 vehicles for the quarter. Deliveries remain the company’s closest measure of sales and Tesla stock price growth catalysts, though it does not define them precisely in shareholder communications.
Tesla’s first-quarter deliveries rose 6% from 336,681 in the same quarter a year earlier. However, the result was down 14% from the previous quarter, showing that Tesla is still facing uneven demand after a difficult 2025.
The company’s total deliveries for 2025 fell to 1.64 million from 1.79 million in 2024. That decline followed a 13% drop in the first quarter of 2025 compared with the first quarter of 2024, showing that Tesla has recorded annual delivery declines over the past two years.
Tesla’s Model 3 sedan and Model Y SUV continued to drive almost all sales. The company said those two models accounted for 341,893 deliveries in the first quarter. Last year, the Model 3 and Model Y made up 97% of Tesla’s total deliveries.
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Tesla has been shifting attention toward future products, including the Cybercab and Optimus humanoid robots. Still, the company has not started selling those products at scale, and vehicle sales remain the main source of revenue.
In January, Tesla said it would end production of its flagship Model S and Model X vehicles. The company said the Fremont factory lines used for those models would instead support production of Optimus robots. Elon Musk later wrote on X that orders for the S and X had “come to an end,” while adding that some inventory remained. He also said, “We will have an official ceremony to mark the ending of an era. I love those cars.”
Tesla’s Cybertruck, which reached customers in late 2023, has yet to become a mainstream product. At the same time, the company is expected to increase deliveries of its electric Semi in 2026.
Tesla said it deployed 8.8 gigawatt-hours of battery energy storage products in the first quarter. That was down from a record 14.2 GWh in the fourth quarter of 2025 and also below the 10.4 GWh deployed in the first quarter of 2025.
Its energy products include Powerwall home backup systems and larger Megapack and Megablock storage units used by utilities and data centers. Investors are also expected to watch automotive gross margins and supply chain conditions when Tesla reports first-quarter earnings on April 22 at 5:30 p.m. ET.
Tesla’s recent sales pressure has coincided with rising global competition, the end of a $7,500 U.S. federal EV incentive in September, and public backlash tied to Musk’s political activity. These factors have remained in focus as the firm works through another quarter of mixed results.