Tesla reports 336,000 vehicle deliveries in first quarter, 13% drop from a year ago
General view of a Tesla Store in Paramus, New Jersey, on March 20, 2025.
Kena Betancur | Getty Images
Tesla reported 336,000 vehicle deliveries in the first quarter of 2025, a 13% decline from a year ago, two days after the electric vehicle company’s stock wrapped up its worst quarter since 2022.
Shares slumped 4% following the news.
Here are the key numbers:
- Total deliveries Q1 2025: 336,681
- Total production Q1 2025: 362,615
Investors were expecting Tesla to report deliveries of between 360,000 and 370,000 vehicles, according to StreetAccount. Tesla’s investor relations team sends a company-compiled consensus to select analysts, and said the average estimate was for around 377,590 deliveries. Prediction market company Kalshi on Tuesday released a forecast for Tesla deliveries of 352,000.
In the first quarter of 2024, Tesla reported 386,810 deliveries, and production of 433,371 vehicles.
Wedbush Securities analyst Dan Ives, typically among Tesla and CEO Elon Musk’s biggest believers, called the report a “fork in the road moment” for the electric vehicle company in a post on social media platform X.
“We knew 1Q Tesla deliveries would be soft but these numbers were bad,” he wrote. “We are not going to look at these numbers with rose colored glasses…they were a disaster on every metric. Refresh issues but brand crisis key.”
Deliveries are the closest approximation of vehicle sales reported by Tesla but are not precisely defined in the company’s shareholder communications.
Tesla doesn’t break out sales and production by model or region. However, the company said that it produced 345,454 of its most popular Model 3 and Model Y cars and delivered 323,800 of them in the three months ending March 31.
The company reported 12,881 deliveries of its other models, including its angular steel Cybertruck.
During the quarter, Tesla faced planned, partial shutdowns in some of its factories that allowed the company to upgrade manufacturing lines to start producing a redesigned version of its popular Model Y SUV.
Musk recently said during an all-hands session with Tesla employees that he expects the Model Y to be the “best-selling car on Earth again this year.”
But Tesla has to contend with an onslaught of EV competition and reputational damage. In the first quarter, the company was hit with waves of protests, boycotts and some criminal activity that targeted Tesla vehicles and facilities in response to Musk’s political rhetoric and his work as part of President Donald Trump’s second administration.
After spending $290 million to help return Trump to the White House, Musk is leading the Department of Government Efficiency (DOGE), where has slashed costs, eliminated regulations and cut tens of thousands of federal jobs.
Musk, the world’s wealthiest person, has also involved himself in European politics, promoting the anti-immigrant AfD party in Germany in February’s elections. Tesla’s business on the continent is struggling.
Across 15 European countries, Tesla’s market share declined to 9.3% in the first quarter from 17.9% in the same period a year earlier, according to data tracked by EU-EVs.com. In Germany, Tesla’s market share in battery electric vehicles plummeted to 4% from about 16% over that stretch.
Sales of Tesla’s electric vehicles made in China came in at 78,828 in March, slumping 11.5% year-on-year, according to data from the China Passenger Car Association released Wednesday. The company is facing rising competition in the region from EV makers such as BYD.
Early in the quarter, Tesla claimed it sold 8,653 EVs during a single January weekend in Canada, the Toronto Star reported, qualifying it for tens of millions in EV subsidy payments that were part of a program that was ending. Canada’s transportation minister later froze the payments and is investigating the validity of the sales.
Tesla did not immediately respond to an email from CNBC asking whether the Canada numbers were included in the Q1 deliveries report.
Tesla shares sank 36% in the first quarter, their steepest drop since the fourth quarter of 2022 and third-biggest decline in the company’s 15 years on the public market. The drop wiped out $460 billion in market cap.
— CNBC’s Samantha Subin contributed reporting
WATCH: Tesla’s growth will accelerate 35% in 2026, says Deepwater’s Gene Munster.
CORRECTION: This story has been updated to reflect that Tesla’s market share in Europe fell from 17.9% in the first quarter of 2024 to 9.3% in the first quarter of 2025. A previous version of this story transposed those numbers.
A Waymo self-driving car, seen with a driver, stops at a red light outside the U.S. Capitol in Washington, D.C., on Friday, March 31, 2025.
Bill Clark | CQ-Roll Call, Inc. | Getty Images
Alphabet-owned Waymo and Toyota on Tuesday announced a preliminary partnership to explore bringing robotaxi tech to personally-owned vehicles.
“The companies will explore how to leverage Waymo’s autonomous technology and Toyota’s vehicle expertise to enhance next-generation personally owned vehicles,” the two companies announced.
The companies said they aim to use the partnership to more quickly develop driver assistance and autonomous vehicle technologies for personal vehicles. Toyota is the world’s largest automaker by sales.
Waymo co-CEO Tekedra Mawakana said the strategic partnership could also result in the Google-owned company incorporating Toyota’s “vehicles into our ride-hailing fleet.”
The Toyota tie-up is the latest automotive partnership for Waymo.
The self-driving company has previously worked with automakers such as Jaguar Land Rover, Stellantis predecessor Fiat Chrysler, Daimler Trucks, Mercedes-Benz parent Daimler, Hyundai Motor and China’s Geely Zeekr. The partnerships, many of which touted long-term tie-ups, largely resulted in automakers producing modified vehicles for testing or for Waymo to use in its fleets.
The partnership with Toyota will not affect Waymo’s plans to deploy Hyundai and Zeekr vehicles through the Waymo One service in the future, a spokesman for the Alphabet-owned company told CNBC.
Waymo is now serving 250,000 paid rides per week, up from 200,000 in February, before Waymo opened in Austin and expanded in the San Francisco Bay Area in March. Waymo is already running its commercial, driverless ride-hailing services in the San Francisco, Los Angeles, Phoenix and Austin regions.
Alphabet CEO Sundar Pichai noted in first-quarter earnings last week that Waymo has not entirely defined its long-term business model, and there is “future optionality around personal ownership” of vehicles equipped with Waymo’s self-driving technology.
Waymo and Toyota are not the only companies turning their focus to personally-owned autonomous vehicles. When GM announced in December that it was abandoning its Cruise robotaxi business, the company said it would instead focus on the development of autonomous systems for use in personal vehicles.
Toyota previously invested in and partnered with Tesla, Elon Musk’s automaker which now aims to compete with Waymo on driverless tech. Toyota sold the its stake in the EV maker in June 2017.
Tesla, once seen as a pioneer in self-driving tech, does not yet produce cars that are safe to use without a human driver at the wheel, ready to steer or brake at any time.
Elon Musk, Tesla CEO, criticized Waymo on a recent earnings call claiming the robotaxis are too expensive for mass-production. Musk also promised Tesla will be “selling fully autonomous rides in June in Austin,” using Model Y vehicles with a new “unsupervised” version of the company’s “Full Self-Driving” or FSD systems installed.
— CNBC reporter Michael Wayland contributed to this report.
Super Micro Computer CEO Charles Liang at the Computex conference in Taipei, Taiwan, on June 5, 2024.
Annabelle Chih | Bloomberg | Getty Images
Super Micro shares fell as much as 19% on Tuesday after the server maker announced preliminary results for the fiscal third quarter that were lower than analysts had projected.
Here’s how the company’s preliminary numbers compare with the LSEG consensus:
- Earnings per share: 29 to 31 cents per share adjusted vs. 54 cents expected
- Revenue: $4.5 billion to $4.6 billion vs. $5.50 billion expected
Super Micro lowered the ranges from earlier guidance for the quarter, which ended on March 31, according to a statement. The new revenue range implies 18% growth year over year. That’s a large step down from the 200% growth Super Micro delivered a year ago.
“During Q3 some delayed customer platform decisions moved sales into Q4,” the company said in the statement. In addition, the company faced higher inventories from older products, as well as expedite fees. The two factors narrowed Super Micro’s preliminary gross margin by 220 points from the prior quarter.
Shares of server competitor Dell were down almost 5% in after-hours trading, while Hewlett Packard Enterprise was down about 2%. Nvidia shares also fell roughly 2%.
Super Micro shares over the past year.
The pre-announcement is the latest blow for Super Micro, which has been mired in controversy for the past year due to delayed financial filings and troubling reports from short sellers. In February, the company filed its financials for its fiscal 2024 year and the first two quarters of fiscal 2025 just in time to meet Nasdaq’s deadline to stay listed. Last year, after Super Micro delayed its annual report, it lost its auditor, Ernst & Young, citing governance issues.
After more than tripling in 2023, thanks to the company’s position in the AI boom and its sales of servers packed with Nvidia’s processors, Super Micro shares plummeted in the second third and fourth quarters last year, wiping out more than 80% of its market cap.
“We have confidence that our calendar year 2025 growth could be a repeat of calendar year 2023, if not better, assuming the supply chain can keep pace with demand,” Charles Liang, Super Micro’s CEO, told analysts on a conference call in February.
Prior to Tuesday’s announcement, the stock was up 18% in 2025, rallying as the broader tech market was in decline.
Super Micro will go over the results with analysts on a conference call at 5 p.m. ET on Tuesday, May 6.
— CNBC’s Ari Levy contributed to this report.
Snap CEO Evan Spiegel speaks during the Semafor World Economy Summit 2025 at Conrad Washington in Washington, D.C., on April 23, 2025.
Kayla Bartkowski | Getty Images
Snap reported better-than-expected first-quarter revenue Tuesday but declined to provide guidance, citing macroeconomic uncertainties that could weigh on advertising demand.
Shares dropped 13% in after-hours trading.
Here is how the company did compared with Wall Street’s expectations:
- Earnings per share: Loss of 8 cents. That figure is not comparable to analysts’ estimates.
- Revenue: $1.36 billion vs. $1.35 billion expected, according to LSEG
- Global daily active users: 460 million vs. 459 million expected, according to StreetAccount
- Global average revenue per user: $2.96 vs. $2.93 expected, according to StreetAccount
Snap did not offer an outlook for the second quarter, citing uncertainties surrounding “how macro economic conditions may evolve in the months ahead, and how this may impact advertising demand more broadly.”
Analysts had expected $1.39 billion in second-quarter revenue guidance. The company said it expects daily active users to come in near the midpoint of its second-quarter range at 468 million.
“While our topline revenue has continued to grow, we have experienced headwinds to start the current quarter, and we believe it is prudent to continue to balance our level of investment with realized revenue growth,” the company said in a letter to investors.
Like many tech companies, Snap is facing a turbulent macro setup as it grapples with President Donald Trump’s evolving trade plans. Many fear that global trade uncertainty might lead companies to lower guidance or pull back spending this earnings season.
Snap’s cited potential constraints on advertising demand as the reason for holding off on guidance. Ad revenues for the period rose 9% year over year to $1.21 billion. That growth came mainly from direct response advertising. The company also said that brand-oriented advertising revenue dipped 3% from a year ago.
The company isn’t alone. Last Thursday, Alphabet reported first-quarter sales of $90.23 billion, which surpassed Wall Street expectations, but executives told analysts that the company may experience headwinds to its online ad business in the Asia-Pacific region.
Snap lowered its full-year adjusted operating expenses range to between $2.65 billion and $2.70 billion, down from $2.70 billion to $2.75 billion. The company also revised its full-year cost guidance for stock based compensation downward to between $1.13 billion and $1.16 billion from $1.15 billion to $1.20 billion.
Sales in Snap’s first quarter jumped 14% to $1.36 billion from $1.19 billion in the year-ago period. The company reported a net loss of about $140 million, or 8 cents per share. That narrowed 54% from about $305 million, or 19 cents, in the year-ago period. Adjusted EBITDA came in at $108 million, topping a $64 million estimate from StreetAccount.
The company attributed the 8 cents loss to a $70.1 million charge related to cash severance, stock-based compensation expenses and other costs associated with a 2024 restructuring. “These charges are not reflective of underlying trends in our business,” the company said.
Snap posted 460 million daily active users during the period, up from 453 million the previous quarter. The company also said that it reached 900 million monthly active users, up from 850 million in August, the last time Snap provided that stat.
Meta reports its latest earnings on Wednesday, followed by Reddit on Thursday and Pinterest on May 8.
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