Produced by Zhineng Technology

Tesla has recently announced its production and delivery figures for the first quarter of 2025, revealing a total of 336,800 electric vehicles delivered. This number fell short of market expectations and represents a significant drop of approximately 13% compared to the 386,810 vehicles delivered in the same period last year. Additionally, it marks a 32% decrease from the previous quarter.

Tesla's internal analysts had anticipated a delivery volume of 377,592 units, while Wall Street predictions, as reported by Bloomberg, were even more optimistic at 390,000 units. The actual delivery volume fell between 40,000 and 55,000 units short of these expectations, raising concerns among many about Tesla's current operational status and future growth prospects.

During this quarter, Tesla produced a total of 362,615 electric vehicles, with the Model 3 and Model Y accounting for the majority of production at 345,454 units and deliveries at 323,800 units. The remaining models produced 17,161 units, with 12,881 units delivered.

The total production exceeded deliveries by approximately 26,000 units, indicating an increase in inventory. Tesla attributed this decrease in deliveries to adjustments made to the production line for the new Model Y.

However, demand issues may be a more profound underlying factor. For instance, in the European market, sales of the Model 3 declined by 30% in the first two months of 2025. While the Model Y was less affected by supply constraints, overall market demand does not appear to be sufficient to support the anticipated delivery targets. In contrast, the first quarter of 2024 witnessed higher delivery volumes due to stable market demand and a smooth production rhythm, whereas the start of 2025 faced greater challenges.

Another noteworthy aspect of Tesla's business strategy in this quarter is the adoption of operating lease accounting for 4% of Model 3/Y deliveries, compared to 7% for other models. This suggests that Tesla is attempting to alleviate part of its inventory burden through leasing models.

Summary

Tesla's performance in the first quarter of 2025 fell short of expectations, impacted by both short-term production adjustments and structural demand weakness. These factors have contributed to the company's lower-than-anticipated delivery figures.