Tesla Q1 Vehicle Deliveries Miss Estimates; Revenue Seen at $22.7 Billion
Tesla delivered 358,023 vehicles in Q1, missing estimates of 366,000–370,000 units and showing only 6.3% year-over-year growth from a depressed baseline. Analysts forecast Q1 EPS of $0.37 on $22.7 billion revenue, with gross margin around 17.8% and capex rising to $18.2 billion.
1. Q1 Delivery Shortfall
Tesla delivered 358,023 vehicles in the first quarter, below analyst estimates of 366,000–370,000 units, representing 6.3% year-over-year growth but a significant sequential decline from Q4’s record numbers.
2. Revenue and Earnings Forecast
Analysts expect Tesla to report Q1 earnings of $0.37 per share on $22.7 billion revenue, marking a 38% EPS increase and 17.5% revenue growth year-over-year.
3. Margin and Spending Outlook
Gross margin is projected at 17.8% as capex rises to $18.2 billion for full-year investments in Cybercab and humanoid robotics development.
4. Demand Pressures
U.S. demand softened after the $7,500 federal EV tax credit expired, while high interest rates have increased financing costs for buyers.