Tesla is down about 3.33% with the market focused on a near-term catalyst: the company’s first-quarter 2026 deliveries report due April 2. Tesla has published a company-compiled sell-side consensus calling for 365,645 deliveries for Q1 2026, which implies a sharp sequential slowdown from Q4 2025’s 418,227 and sets up a binary reaction if the print comes in above or below expectations. (ir.tesla.com)

The consensus implies Model 3/Y deliveries of 351,179 and “all other models” of 13,946 for Q1 2026, and investors are treating the number as a live read on global demand and pricing power. A miss would likely revive concerns that competition and incentives are weighing on volume and profitability; a beat would support the view that Tesla is stabilizing after a volatile stretch and could re-accelerate later in 2026. (ir.tesla.com)

The immediate focus is the delivery headline and the mix, but traders will also watch whether the results reinforce the broader 2026 expectations embedded in Tesla’s published consensus (1,689,691 deliveries for full-year 2026). After the delivery print, attention typically shifts quickly to pricing/inventory signals and the next set of operational updates tied to autonomy and newer models. (ir.tesla.com)