Tesla (TSLA) Q1 2026 earnings preview: the growth story is dead
Tesla (TSLA) will release its first-quarter 2026 financial results tomorrow (April 22) after the market close, with a conference call to follow. Despite leadership continuing to push the narrative that Tesla is now an “AI and robotics company,” the automotive business still drives the vast majority of Tesla’s financial performance.
Let’s look at what Wall Street and retail investors are expecting.
Tesla Q1 2026 deliveries and energy deployment
We already know the delivery and production numbers for the quarter:
| Production | Deliveries | Subject to operating lease accounting | |
| Model 3/Y | 394,611 | 341,893 | 1% |
| Other Models | 13,775 | 16,130 | 2% |
| Total | 408,386 | 358,023 | 1% |
Tesla delivered 358,023 vehicles, missing the 365,645 consensus by roughly 7,600 units. While that’s a 6.3% year-over-year increase from Q1 2025’s 336,681 deliveries, that comparison is misleading since Q1 2025 was artificially depressed by Model Y production shutdowns across all four factories for the “Juniper” refresh.
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