Tesla (TSLA) announces 336,681 deliveries, far worse than expected

Tesla (TSLA) has released its Q1 2025 production and delivery numbers. The automaker confirmed it delivered 336,681 electric vehicles during the first three months of the year — far below expectations.

In Q1 2024, Tesla delivered 386,810 electric vehicles.

Due to demand issues and production challenges related to the Model Y changeover, Tesla was expected to see fewer deliveries in Q1 2025.

According to Tesla-compiled analyst consensus, the automaker was expected to report “377,592 deliveries” in the first quarter. The Bloomberg consensus from Wall Street analysts is higher at 390,000 deliveries.

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Today, Tesla reported that it delivered 336,681 EVs in Q1 2025.

That’s 40,000-55,000 fewer units than expected, depending on the consensus, and down 13% year-over-year. It’s also down 32% quarter-over-quarter.

Tesla is blaming the lower deliveries on the production switch to the new Model Y, which undoubtedly had an impact, but it’s hard to say by how much.

The automaker wrote in the release about production and delivery numbers:

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.

As we have previously reported, Model 3 sales, which are not affected by supply issues like Model Y this quarter, were down 30% in Europe for the first 2 months of the year. This points to Tesla also having demand issues.

Meanwhile, Tesla’s production numbers also confirm that Tesla added about 26,000 electric vehicles to its inventory this quarter. Some of those vehicles are in transit to customers.

Tesla also disclosed having deployed 10.4 GWh of energy storage products during Q1 2025.

Electrek’s Take

That’s worse than even the most pessimistic analysts were expecting. It would point to a bad performance in US. We have pretty good visibility into Europe and China, but the US market is more opaque and harder to predict.

A miss of 40,000 units would suggest that Tesla is doing worse in the US than expected amid major brand issues and the Model Y changeover.

It’s hard to place a lot of blame on the Model Y production ramp, which Tesla itself says is going “well,” especially since Tesla could deliver new Model Y vehicles within a day in the US at the end of March.

This would therefore point to stronger-than-expected brand damage in the US.

The energy storage deployment is a silver lining with strong performance for a first quarter, but the extra 6 GWh doesn’t compensate for 50,000 fewer vehicles delivered compared to last year.