TSLA Stock Slumps As Q1 Deliveries Miss Estimates — Gary Black Says Gap Between Production And Deliveries Likely A Sign Of Weakness In US

• The EV giant manufactured 408,386 vehicles during the quarter and deployed 8.8 GWh of energy storage products.
• Tesla had delivered 418,227 vehicles in the fourth quarter, while Wall Street expected the EV giant to report 422,850 vehicles.
• The Future Fund’s Gary Black stated that the huge gap between Tesla’s production and deliveries in Q1 likely reflects weak demand for the company’s electric vehicles in the U.S.

Tesla Inc. (TSLA) shares fell more than 4% in Thursday’s opening trade after the company’s global deliveries during the first quarter missed Wall Street estimates.

Tesla reported deliveries of 358,023 electric vehicles worldwide in the first quarter (Q1), falling short of a consensus estimate of 365,645 units, as compiled by the company.

The Elon Musk-led EV giant manufactured 408,386 vehicles during the quarter and deployed 8.8 GWh of energy storage products.

Retail sentiment on Stocktwits around Tesla trended in the ‘bearish’ territory at the time of writing.

Second Consecutive Quarter Of Missing Expectations

Tesla missed Wall Street expectations for the second consecutive quarter.

In January, Tesla delivered 418,227 vehicles in the fourth quarter (Q4), while Wall Street expected the EV giant to deliver 422,850 vehicles.

However, the company registered a growth in deliveries on a year-on-year basis. Tesla’s Q1 deliveries rose more than 6% from 336,681 units in the same period a year ago.

Huge Gap Between Production And Deliveries

The Future Fund’s Managing Partner, Gary Black, stated in a post on X that the huge gap between Tesla’s production and deliveries in Q1 likely reflects weak demand for the company’s electric vehicles in the U.S.

Tesla manufactured 50,363 more vehicles than it delivered in Q1. “While TSLA bulls will argue TSLA deliveries don’t matter anymore, EVs still comprised 72% of TSLA gross profits in 2025, and TSLA’s autonomy and humanoid robot businesses remain largely undeveloped,” he added.

Black also pointed out that Tesla’s energy storage product deployments of 8.8 GWh during the quarter fell short of the 14.2 GWh expected by analysts.

According to TheFly, analysts at Stifel noted that Tesla's missing the delivery estimates is a negative for the stock.

Analysts at William Blair termed the lower-than-expected energy storage product deployments as a “big miss.” They stated that sales in this segment can be lumpy, but this does not fully explain the drop.

Meanwhile, Tesla’s China-made EV sales rose 9% in March, registering the fifth straight month of gains.

TSLA stock is down 18% year-to-date, but up 30% over the past 12 months. The S&P 500 ETF (SPY) is up 16% over the past 12 months, while the Invesco QQQ Trust ETF (QQQ) is up 22%.

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