Tesla Q1 Deliveries +6% YoY, Storage -40%

Tesla delivered 358,000 vehicles in Q1 2026, a 6% year‑over‑year increase but slightly below consensus of 365,000.
Energy Storage System deployments fell to 8.8 GWh, missing the 14.4 GWh consensus by about 40%, the first YoY decline since 2022.
Morgan Stanley raised its 2026 full‑year delivery forecast to 1.60 million vehicles, still implying a 2.2% YoY decline.
Analysts expect a mid‑teens CAGR through 2030, driven by upcoming Model YL, new Cybertruck iteration and FSD software upgrades.