Tesla reported Q1 global deliveries of approximately 364,000 vehicles, a 9% increase from the prior year as it recovered from last year’s Model Y line changeovers and factory shutdowns. The modest rise reflects a low comparative base rather than a significant acceleration in demand.

The absence of the US federal EV tax credit led to a sharp drop in domestic EV market share, falling from around 10.3% to approximately 5.3% in the most recent quarter. Despite this, Tesla maintained positive gross margins on every vehicle sold, underscoring continued profitability in its core EV business.

Tesla’s Robotaxi program remains confined to Austin and the Bay Area, with few unsupervised vehicles on public roads. Investors are awaiting a broader rollout or a technological breakthrough in autonomous operations to drive the next phase of growth and unlock further stock upside.