Tesla just reported its worst quarterly delivery numbers in over two years, falling short of already-revised expectations and confirming the hit from production retooling, weak demand, and CEO Elon Musk’s political blowback.
Q1 2025 vehicle deliveries dropped 13% YoY — the first negative growth quarter since 2022.
| Metric | Reported | Consensus | Y/Y Change |
|---|---|---|---|
| Total Deliveries | 336,681 | 378,000 | -13% |
| – Model 3/Y | 323,800 | 351,900 | -12% |
| – Other Models (incl. Cybertruck) | 12,881 | – | -46% QoQ |
| Total Production | 362,615 | – | – |
Energy storage deployment hit 10.4 GWh, but EV volume remains the core market driver — and it just missed by over 40,000 units.
Why the Drop?
- Model Y retooling disrupted all four factories
- Demand weakness in EU and China, especially amid political boycotts
- Brand backlash tied to Musk’s alignment with President Trump
“This is the lowest growth quarter Tesla’s posted since 2022,” noted Forbes.
Musk said the “New Model Y” ramp is going well — but it wasn’t enough to avoid the steep volume decline.
Stock Implication
Tesla shares were already down 27% YTD going into this report. Markets may now reprice further, especially with the full Q1 earnings due April 22, and margin compression risk expected to be high.
Tesla just confirmed what the Street feared: growth is stalling, and the brand is hurting. The delivery miss will put more pressure on Q2 to prove the ramp story — and on Musk to quiet the political noise.
Related: Tesla Could See Its Worst Quarterly Growth In Years As Deliveries Data Looms
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