Tesla reported a drop in first-quarter vehicle deliveries from the same period last year. The delivery and production report came two days after Tesla's stock closed out its worst quarter since 2022. During the quarter, Tesla faced waves of protests, boycotts and criminal actions over the political drama surrounding CEO Elon Musk and his work in the Trump administration. A general view of a Tesla store in Paramus, New Jersey, March 20, 2025 Tesla reported 336,000 vehicle deliveries in the first quarter of 2025, down 13% from the same period last year. The report came just two days after the electric car company's stock closed out its worst quarter since 2022. Tesla's stock price plummeted 4% after the news was announced. Here are the key stats: Total deliveries in the first quarter of 2025: 336,681 Total production in the first quarter of 2025: 362,615 units Investors had expected Tesla to deliver between 360,000 and 370,000 vehicles, according to StreetAccount. Tesla's investor relations team sent a consensus figure compiled by the company to selected analysts and said the average estimate was about 377,590 vehicles. Kalshi, a prediction market firm, released a forecast on Tuesday for Tesla deliveries of 352,000 vehicles. In the first quarter of 2024, Tesla reported deliveries of 386,810 vehicles and production of 433,371 vehicles. Wedbush Securities analyst Dan Ives called the report a "pivotal moment" for the electric car company in a post on social media platform X. He wrote: "We knew Tesla's first quarter deliveries would be weak, but these numbers are terrible. We will not sugarcoat these numbers... By any metric, they are a disaster. There are product refresh issues, but the brand crisis is the key." Deliveries are the closest thing Tesla reports to vehicle sales but are not clearly defined in the company's communications with shareholders. Tesla does not break down sales and production figures by model or region. However, the company said it produced 345,454 of its most popular Model 3 and Model Y vehicles and delivered 323,800 in the three months ended March 31. The company reported 12,881 deliveries of its other models, including the angular Cybertruck. During the quarter, some of Tesla's factories underwent planned partial shutdowns so the company could upgrade production lines and begin producing a redesigned version of its popular Model Y SUV. CEO Elon Musk recently said in an all-hands meeting with Tesla employees that he expects the Model Y to be the "best-selling car in the world" again this year. But Tesla has had to deal with stiff competition and a tarnished reputation for electric vehicles. In the first quarter, the company was hit by waves of protests, boycotts and some criminal activity targeting its vehicles and facilities because of Musk’s political rhetoric and his work as a member of Donald Trump’s second administration. After spending $290 million to help return President Donald Trump to the White House, Musk leads the Department of Government Efficiency (DOGE), where he is slashing costs, rolling back regulations and eliminating tens of thousands of federal government jobs. Musk, the world's richest man, has also waded into European politics, backing the anti-immigrant Alternative for Germany (AfD) party in Germany's February elections. Tesla's business has struggled on the continent. Across 15 European countries, Tesla’s market share fell to 9.3% in the first quarter from 17.9% a year earlier, according to data tracked by EU-EVs.com. In Germany, Tesla’s share of the pure electric car market plunged to 4% from about 16%. Tesla sold 78,828 electric vehicles made in China in March, down 11.5% from a year earlier, according to data released by the China Passenger Car Association on Wednesday. The company faces growing competition in the region from electric vehicle makers such as BYD Co. Tesla's stock price fell 36% in the first quarter, the biggest drop since the fourth quarter of 2022 and the third-largest drop in the company's 15 years as a public company. The stock price drop wiped out $460 billion in Tesla's market value. |
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