Tesla has reported its weakest first-quarter delivery figures in nearly three years. In the first three months of the year the automaker delivered 336,681 vehicles, a 13% year-over-year decline from Q1 2024 . This figure comes in below Wall Street expectations, where analysts had anticipated between 360,000 and 370,000 deliveries, with some forecasts as high as 407,000.
According to Tesla’s figures, the Model 3 and Model Y accounted for 323,800 of those deliveries, while the Cybertruck, Model S, and Model X, which are lumped together under the “Other Models” category, sat at 12,881 deliveries. This compares to 471,930 deliveries for the Model 3/Y, a 31% drop, and a larger 45% drop for the other models compared to a quarter ago.
On the production side, the company managed to produce 362,615 vehicles during the quarter — down from 433,371 a year ago. This drop was expected though, with Tesla attributing the slowdown to factory retooling as it transitioned all four of its Gigafactories to the new Model Y. Tesla said that this changeover resulted in the loss of several weeks of production capacity during the quarter, but reiterated that the ramp-up of the refreshed Model Y is “going well.”
On the Energy side of the business, Tesla also reported 10.4 gigawatt-hours (GWh) of energy storage products were deployed. This is down slightly from Q4 2024 when 11.0 GWh were deployed, while more than double the 4.05 MWh deployed in Q1 last year.
Tesla (TSLA) shares are trading at $262, down over 2%, following the announcement.
“In the first quarter, we produced over 362,000 vehicles, delivered over 336,000 vehicles and deployed 10.4 GWh of energy storage products.
While the changeover of Model Y lines across all four of our factories led to the loss of several weeks of production in Q1, the ramp of the New Model Y continues to go well.
Thank you to all our customers, employees, suppliers, shareholders and supporters who helped us achieve these results.”
| Production | Deliveries | Subject to operating lease accounting | |
| Model 3/Y | 345,454 | 323,800 | 4% |
| Other Models | 17,161 | 12,881 | 7% |
| Total | 362,615 | 336,681 | 4% |
