Tesla delivered 358,023 vehicles in Q1 2026, missing analyst expectations near 369,000 and producing over 408,000 units in the same period. That 50,000-unit gap between production and deliveries is the figure analysts are watching most closely. Year-over-year deliveries rose 6.3%, but quarter-over-quarter they fell 14.4%, and some analysts now warn of a third consecutive annual decline. Tesla lost the title of world's largest EV maker to BYD last year. Bright spots include recovery in key European markets and China sales up 23%. Shares fell around 5% after the report.