Tesla Q1 Misses Estimates As Tariff Pressures Weigh On Outlook, Lower-Cost EVs Still On Track (CORRECTED)

Editor's Note: This article was corrected to reflect that Tesla ended the quarter with $951 million in digital assets.

Electric vehicle giant Tesla Inc TSLA reported first-quarter financial results after market close Tuesday.

Here are the key highlights and what's next.

What Happened: Tesla reported first-quarter revenue of $19.34 billion, down 9% year-over-year. The revenue total missed a Street consensus estimate of $21.35 billion according to data from Benzinga Pro.

Automotive revenue was $13.97 billion in the first quarter, down 20% year-over-year.

The company said the lower revenue was attributed to a decline in deliveries, the Model Y update at plants and a lower average selling price for vehicles.

Tesla's first-quarter earnings were 27 cents per share, down 40% year-over-year and missing a Street consensus estimate of 31 cents per share.

The company had 10.4 GWh of storage deployed in the first quarter, up 154% year-over-year.

Tesla ended the first quarter with 7,131 Supercharger locations, up 14% year-over-year.

In the first quarter, Tesla delivered 336,681 vehicles, down from 386,810 in the same quarter last year. Analysts were expecting 377,592 deliveries for the quarter.

Of the delivery total, Tesla reported 323,800 Model 3 and Model Y vehicles, along with 12,881 other vehicles, which include the Cybertruck.

Tesla produced 362,615 vehicles in the quarter, down from 433,371 vehicles in last year’s first quarter.

Tesla ended the quarter with $951 million in digital assets, which includes the company’s Bitcoin BTC/USD holdings. The company previously disclosed $184 million in digital assets in recent quarters. Tesla recognized a mark-to-market gain of $600 million on digital assets previously in the fourth quarter.

Read Also: Tesla Shareholders Demand Answers On Self-Driving, Cybercab, Tariffs, Brand Damage And More: Their Top 10 Questions Ranked

What's Next: The company's guidance said it is hard to make predictions on the rate of growth for the year and it will depend on a "variety of factors" including autonomy efforts, factory production ramp and the macroeconomic environment.

"It is difficult to measure the impacts of shifting global trade policy on the automotive and energy supply chains, our cost structure and demand for durable goods and related services," the company said.

Tesla said its 2025 guidance will be revisited in the second quarter update. The company has enough liquidity to fund its current product roadmap and long-term capacity expansion plans.

The company said plans for more affordable models remain on track to start production in the first half of 2025. Tesla also said its Robotaxi product, known as the Cybercab will begin volume production starting in 2026.

"While the current tariff landscape will have a relatively larger impact on our Energy business compared to automotive, we are taking actions to stabilize the business in the medium to long-term and focus on maintaining its health."

The company said there is "uncertainty in the automotive and energy markets," along with "changing political sentiment." These items could impact demand and cost structures for the company.

"We remain committed to expanding our business model to include delivering autonomous robots across multiple form factors and use cases – powered by our real-world AI expertise – to our customers and for use in our factories, as we navigate these headwinds."

TSLA Price Action: Tesla stock is up 0.6% to $239.01 in after-hours trading versus a 52-week trading range of $141.11 to $488.54.

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