Tesla shares fell more than 5% after its first-quarter report showed lower deliveries and production compared with the previous quarter, despite modest year-over-year growth.

The company delivered about 336,681 vehicles in Q1, slightly above last year but below analyst expectations.

Overall vehicle sales have been declining in recent years, and Tesla’s stock is down roughly 20% in 2026.

The bulk of deliveries still comes from its Tesla Model 3 and Tesla Model Y, while newer products like the Tesla Cybertruck and planned robotaxi and robotics initiatives have yet to significantly impact revenue, CNBC has reported.

Analysts pointed to weakening global EV demand outside China, increased competition, and strategic shifts toward future technologies as factors affecting performance.