Tesla delivered 358,023 vehicles in the first quarter of 2026, a figure that came in below the consensus expectation from Wall Street and represented the company's second consecutive quarter missing analyst delivery projections.
Production during the period totaled 408,386 vehicles. That output comprised 394,611 units of the Model 3 and Model Y and 13,775 vehicles from other model lines. Deliveries were split differently, with 341,893 Model 3 and Model Y vehicles and 16,130 units from other models, including the Model S, Model X, and Cybertruck.
In addition to vehicle figures, Tesla deployed 8.8 GWh of energy storage products over the quarter.
Analysts had, on average, forecast deliveries near 372,160 vehicles. That consensus number had been revised down in the weeks leading up to the delivery release. Year-over-year, deliveries rose 6.3% compared with the same quarter a year earlier, when Tesla had paused Model Y production across several plants.
Following the delivery announcement, Tesla shares fell roughly 4.6% in pre-market trading, extending a broader decline that has pushed the stock down by more than 15% year-to-date.
Tesla is scheduled to publish its full first-quarter financial results after the market close on April 22.
Reacting to the delivery figures, Wedbush analyst Dan Ives wrote: "While the delivery numbers were quite underwhelming, this was not a shock to us given the current EV backdrop across geographies while the company shifts gears to focus more on its AI strategy."
Market-facing analytics offered alongside the report note that ProPicks AI evaluates TSLA and other companies monthly using more than 100 financial metrics. The presentation states the system applies AI to assess fundamentals, momentum, and valuation without bias, and highlights past winners identified by the tool, including Super Micro Computer (+185%) and AppLovin (+157%).
The delivery numbers highlight a continued slowdown in sales momentum relative to analyst expectations, even as production remained higher than shipments for the quarter. Investors and market participants will be watching the full quarterly results due on April 22 for additional color on unit economics and revenue recognition tied to vehicles and energy storage deployments.