Tesla, Inc. (TSLA.US) sales "slump" delivery volumes fell short of expectations for two consecutive quarters, causing the stock price to drop by 4.6% at one point.

Against the backdrop of intensifying competition in the electric vehicle market and changing policy environment, Tesla, Inc. (TSLA.US) delivered performance in the first quarter that was below expectations, marking one of its worst sales quarters in recent years, raising concerns in the market about its core business prospects. The company reported on Thursday that global deliveries in the first quarter of 2026 were 358,000 units, lower than the market's expectation of 372,000 units, making it the second consecutive quarter where Tesla, Inc. failed to meet Wall Street's expectations. Although there was still a 6.3% year-on-year growth, excluding the low base effect caused by the production adjustment of the Model Y last year, this quarter's delivery volume was the lowest since mid-2022. Affected by the underperformance, Tesla, Inc. stock fell by 4.6% after the US market opened, marking the biggest intraday decline in nearly two months. The stock has dropped by about 15% since the beginning of the year, retracting by approximately 22% from its historical high point in December of last year. Analysts pointed out that while investors have been paying more attention to Tesla, Inc.'s efforts in artificial intelligence, autonomous driving, and its partnerships in the Siasun Robot & Automation field in recent years, the traditional automotive business is still the company's main source of cash flow. Given the weakening demand for electric vehicles in the United States, the performance of this business is particularly crucial. As the largest market for Tesla, Inc., the United States is entering a period of adjustment in electric vehicle demand. The federal purchase subsidies that had previously driven sales growth were gradually phased out last September, leading to a shift in demand. Additionally, US President Trump's efforts to weaken electric vehicle subsidies and emission standards have prompted some automakers to increase their focus on conventional vehicles, putting pressure on the electric vehicle industry. At the same time, Tesla, Inc. faces fierce competition from Chinese electric vehicle manufacturers on a global scale, as well as the issue of an aging product line. The company has announced the gradual discontinuation of the Model S and Model X, earlier models introduced by the company. In terms of product planning, CEO Musk stated that the company is advancing the production of a new two-seater model, "Cybercab," which will serve its future Robotaxi business. However, as the model lacks a steering wheel and pedals and relies entirely on autonomous driving, there remains uncertainty about its market acceptance. In terms of vehicle structure, the Model Y and Model 3 were still the main sales drivers in the first quarter, with a total delivery of approximately 342,000 units, accounting for the vast majority of total sales; other models including the Model S, Model X, and Cybertruck had a combined delivery of about 16,000 units. Furthermore, the company's production volume was 408,000 units, higher than the delivery volume, indicating a rise in inventory pressure. In terms of its energy business, Tesla, Inc. deployed 8.8 gigawatt-hours of energy products in the quarter, lower than the 10.4 gigawatt-hours in the same period last year, showing a slowdown in growth momentum.