随著投资人把目光从车辆销售移开，转而关注 Musk 对 AI、自动驾驶与机器人领域的推进，这一下滑便出现了；尽管传统汽车业务仍是 Tesla 主要的现金来源。Wedbush 分析师 Dan Ives 表示，鉴于疲弱的电动车背景以及公司转向 AI，这次未达预期并不令人意外，但他也指出需求环境更为艰难，而欧洲是一个拖累。纽约市场开盘后，Tesla 股价一度下跌多达 4.6%，创近 2 个月来最大盘中跌幅；截至周三，该股今年已下跌 15%，并较 12 月创下的历史高点低 22%。
在联邦激励措施于 9 月底逐步取消后，Tesla 的美国市场正面临新的需求格局；同时，President Donald Trump 已透过削减税收抵免以及放松排放与燃油效率规则，来削弱对电动车的支持。该公司也正面临来自中国电动车制造商更强的竞争与老化的产品线，并且正在停产其最老的车型 Model S 和 Model X，同时为 Cybercab 的最终量产做准备。第1季度 Model Y 与 Model 3 的交付量合计为 341,893 辆，其他电动车为 16,130 辆，总产量为 408,386 辆，让交付量明显低于产出；能源储存部署也从去年同期的 10.4 gigawatt hours 降至 8.8 gigawatt hours。Tesla 将于 4 月 22 日公布业绩，CFRA 的 Garrett Nelson 表示，能源储存的失手尤其令人失望，并在财报前留下许多未解问题。
Tesla Inc. reported one of its weakest sales quarters in years as it struggles to revive its core auto business amid a tougher electric-vehicle market. The company delivered 358,023 vehicles worldwide in the first quarter, below the 372,160 average estimate compiled by Bloomberg, marking its 2nd straight quarter of missing Wall Street forecasts. Deliveries still rose 6.3% from a year earlier, but that comparison was flattered by last year’s Model Y production pause and consumer backlash tied to CEO Elon Musk; outside that period, the result was Tesla’s lowest since mid-2022.
The decline comes as investors look past vehicle sales and focus on Musk’s push into AI, autonomous driving, and robotics, even though the traditional car business remains Tesla’s main cash generator. Wedbush analyst Dan Ives said the miss was not surprising given the weak EV backdrop and the company’s shift toward AI, but he also pointed to a more difficult demand environment and Europe as a drag. Tesla shares fell as much as 4.6% after the market opened in New York, the biggest intraday drop in almost 2 months; the stock was already down 15% this year through Wednesday and 22% below its December record high.
Tesla’s US market faces a new demand regime after federal incentives were phased out at the end of September, while President Donald Trump has moved to weaken EV support through tax credit cuts and looser emissions and fuel-efficiency rules. The company is also facing stronger competition from Chinese EV makers and an aging lineup, and it is discontinuing its oldest models, the Model S and Model X, while preparing the Cybercab for eventual volume production. First-quarter Model Y and Model 3 deliveries totaled 341,893, other EVs came to 16,130, and total production was 408,386, leaving deliveries well below output; energy-storage deployments also slipped to 8.8 gigawatt hours from 10.4 gigawatt hours a year earlier. Tesla reports results on April 22, and CFRA’s Garrett Nelson said the energy-storage miss was especially disappointing and left many questions unanswered before earnings.