Tesla deliveries stumble, market share oddity
Reports say Tesla’s U.S. deliveries fell in Q1 even as the company gained share because the wider EV market contracted, while JPMorgan warned of bigger downside and kept an Underweight rating with a $145 target. (InsideEVs: U.S. sales fell but Tesla gained market share) (Times of India summary of JPMorgan’s view) (insideevs.com) (timesofindia.indiatimes.com)
Tesla’s U.S. electric-vehicle sales fell in the first quarter, but its share of the market still rose because the market around it shrank faster. (insideevs.com) Cox Automotive estimated Tesla’s U.S. sales dropped by more than 8% in the January-through-March quarter, while total U.S. electric-vehicle sales fell 27% from a year earlier to 216,399. Electric vehicles made up 5.8% of all new U.S. vehicle sales, unchanged from late 2025 and down from a 10.6% peak in the third quarter of 2025. (coxautoinc.com) Tesla said on April 2 that it delivered 358,023 vehicles worldwide in the first quarter and produced 408,386, leaving a gap of 50,363 vehicles before the company reports full earnings on April 22. Model 3 and Model Y accounted for 341,893 of those deliveries, with 16,130 coming from Tesla’s other models. (tesla.com) Cox said Tesla “won back significant market share” in the United States and that one out of every three electric vehicles sold in the quarter was a Model Y. InsideEVs reported the Model Y stayed strong while the Cybertruck and Model 3 were weaker in the U.S. mix. (coxautoinc.com) (insideevs.com) The shift follows the end of the $7,500 federal electric-vehicle tax credit in the United States at the end of 2025, which Cox and Yahoo Finance both cited as a blow to demand. Cox said the market has entered “a new chapter” without government support, with automakers cutting production and revising plans. (coxautoinc.com) (finance.yahoo.com) JPMorgan analyst Ryan Brinkman reiterated an Underweight rating on Tesla on April 6 and kept a $145 price target, which Yahoo Finance and CNBC said implied about 60% downside from where the shares were trading at the time. Brinkman said investors should approach the stock “with a high degree of caution,” according to CNBC. (finance.yahoo.com) (cnbc.com) Yahoo Finance said Brinkman kept that bearish call even as Tesla shares had already fallen about 20% in 2026, and Google Finance showed the stock closed at $349 on April 10. Yahoo also said the average analyst target tracked there was about $360, putting JPMorgan well below the broader Wall Street view. (finance.yahoo.com) (google.com) Tesla has not yet released its full first-quarter income statement or cash-flow figures, and the company says deliveries alone should not be treated as a guide to quarterly financial performance. The next test is April 22, when Tesla is scheduled to publish first-quarter results and hold a question-and-answer webcast. (tesla.com)
