Tesla, Inc. (NASDAQ:TSLA) shares are down during Thursday’s premarket session after the company reported production and delivery figures for the first quarter of 2026.

The news comes as the broader market experienced a decline, with the Consumer Discretionary sector also facing pressure, adding to the stock’s downward movement as investors digest the latest figures.

Delivers 358,000 Vehicles

In the first quarter, Tesla produced over 408,000 vehicles and delivered over 358,000 vehicles, while also deploying 8.8 GWh of energy storage products.

In particular, the company reported Model 3/Y production and deliveries of 394,611and 341,893, respectively.

This performance is part of the company’s ongoing efforts to scale production and meet growing demand for electric vehicles and energy solutions.

China-Made EV Sales

Tesla reported an 8.7% year-over-year increase in China-made EV sales to 85,670 units in March, marking a fifth straight month of growth, according to the China Passenger Car Association.

First-quarter sales rose 23.5%, accelerating from the previous quarter, while global deliveries are expected to rebound nearly 10% from last year's slump tied to backlash against CEO Elon Musk's political views.

Tesla is also expanding beyond EVs, focusing on solar energy, humanoid robots, and robotaxis, and is in talks to buy $2.9 billion in solar equipment from Chinese firms.

Peers Sales

Tesla rival Rivian Automotive Inc. (NASDAQ:RIVN) fell consecutively for 4 months in the U.S. as the electric automaker gears up to launch the awaited R2 Crossover SUV.

Another major peer, Nio Inc. (NYSE:NIO) delivered 35,486 vehicles in March (+136.0% year-over-year) and 83,465 vehicles (+98.3% year-over-year) in the first quarter.

TSLA at $365.23 Below 20-Day, 100-Day

The broader market saw losses on Wednesday, with the Consumer Discretionary sector ranked 10 out of 11 sectors, declining 1.86%. Tesla’s decline occurred as the sector struggled, indicating that company-specific factors may be influencing its stock performance.

At $365.23, Tesla is trading 5.9% below its 20-day simple moving average (SMA) and 14.2% below its 100-day SMA, suggesting a bearish short-term trend. The stock’s position below these key moving averages indicates potential weakness, as it reflects a struggle to maintain upward momentum.

The relative strength index (RSI) currently sits at 46.79, indicating neutral momentum, which suggests that the stock is neither overbought nor oversold at this time. This positioning may lead to increased volatility as traders assess the stock’s next move.

  • Key Resistance: $416.50 — A level where selling pressure has historically emerged.
  • Key Support: $325.50 — A potential floor where buying interest may increase.

Tesla has a 12-month performance return of 34.84%, reflecting a solid upward trend over the past year. However, the stock’s current price is closer to its 52-week low of $214.25 than its high of $498.83, indicating a significant pullback from its peak.

Consumer Discretionary Drops 1.86%; TSLA Lags

Tesla is currently underperforming relative to its sector, with the Consumer Discretionary sector declining 1.86% on Wednesday. This sector has struggled over the past 30 days, down nearly 4%, indicating broader challenges in consumer spending and sentiment.

Despite the overall sector weakness, Tesla’s production and delivery numbers highlight its ongoing efforts to capture market share in the electric vehicle space. The company’s ability to navigate these challenges will be crucial as it seeks to maintain its competitive edge.

TSLA Earnings April 21; EPS Seen 34¢

Looking further out, the next major catalyst for the stock arrives with the April 21, 2026 (estimated) earnings report. Analysts expect earnings per share of 34 cents, up from 27 cents in the same quarter last year, and revenue of $22.85 billion, up from $19.34 billion in the prior-year period.

  • EPS Estimate: 34 cents (Up from 27 cents)
  • Revenue Estimate: $22.85 billion (Up from $19.34 billion)
  • Valuation: P/E of 353.0x (Indicates premium valuation)

Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $418.28. Recent analyst moves include:

  • Canaccord Genuity: Buy (Lowers Target to $420.00) (March 31)
  • GLJ Research: Sell (Maintains Target to $24.86) (March 30)
  • Wedbush: Outperform (Maintains Target to $600.00) (March 27)

Top ETFs Hold TSLA Up to 9.94%

  • ARK Next Generation Internet ETF (NYSE:ARKW): 9.94% Weight
  • American Century Focused Dynamic Growth ETF (NYSE:FDG): 8.84% Weight
  • iShares Global Consumer Discretionary ETF (NYSE:RXI): 9.19% Weight

Significance: Because TSLA carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.

TSLA Stock Price Activity: Tesla shares were down 3.95% at $366.20 during trading on Thursday, according to Benzinga Pro data.

Photo via Shutterstock