Tesla Q1 2026 Deliveries Miss Estimates at 358,023

Tesla Inc. reported first-quarter 2026 vehicle deliveries of 358,023 units on April 2, falling short of analyst expectations around 365,000 to 372,000 and marking a 14 percent decline from the previous quarter's 418,227 units. The electric vehicle maker produced 408,386 vehicles during the period, resulting in a record inventory buildup of approximately 50,000 units, which has heightened concerns about softening demand.

The results, released amid intensifying global competition and the expiration of the U.S. federal EV tax credit, contributed to a sharp sell-off in Tesla's shares. The stock, trading around 340, has declined about 22 percent year-to-date in 2026, erasing much of the prior year's gains. On the day of the report, shares fell 5.4 percent, reflecting investor unease over the company's core automotive business.

Analysts offered mixed reactions. JPMorgan maintained an Underweight rating with a 145 price target, citing the inventory surge and potential for a 60 percent further drop, as deliveries trailed even their 385,000 estimate. Goldman Sachs lowered its target to 375 from 405 while keeping a Hold rating, pointing to year-over-year U.S. sales declines partly offset...