- Tesla delivered 358,023 vehicles in Q1 2026, down 14.4% from Q4 2025.
- The company produced 408,386 cars, leaving roughly 50,000 unsold units in inventory.
- Model Y and Model 3 prices have dropped 9% to 16% compared to April 2025.
- Tesla now offers 0% APR on Model Y and 0.99% APR on Model 3 to clear stock.
358,000 Deliveries, 408,000 Produced — The Gap Is the Story
Tesla’s Q1 2026 earnings release landed with a thud. The company delivered 358,023 vehicles between January and March — a 6.3% increase over Q1 2025, but that comparison flatters no one. Q1 2025 was Tesla’s weakest quarter in years, dragged down by the Model Y production halt for its refresh. The real benchmark is Q4 2025, where Tesla moved 418,227 units. That makes this quarter a 14.4% drop.
The production line did not slow down. Tesla built 408,386 vehicles, creating an inventory surplus of roughly 50,000 cars. Model 3 and Model Y accounted for 341,893 deliveries against 394,611 produced. The Cybertruck, Model S, and Model X combined for just 16,130 deliveries. For comparison, BYD sold 310,389 pure EVs in the same period — closing the gap fast.
Tesla Model Prices: April 2025 vs April 2026
The inventory glut is already hitting sticker prices. Here is what every Tesla model costs today versus a year ago.
| Model | April 2025 Base Price | April 2026 Base Price | Change |
|---|---|---|---|
| Model 3 RWD | $42,490 | $38,630 | -$3,860 (-9.1%) |
| Model Y RWD | $47,990 | $41,630 | -$6,360 (-13.3%) |
| Model S AWD | $79,990 | $86,630 | +$6,640 (+8.3%) |
| Model X AWD | $99,990 | $91,630 | -$8,360 (-8.4%) |
| Cybertruck AWD | $79,990 | $72,235 | -$7,755 (-9.7%) |
On top of list-price cuts, Tesla is pushing aggressive financing: 0% APR for 72 months on select Model Y inventory, 0.99% APR on Model 3, and up to $2,000 in free upgrades on leftover stock. Military, first responders, students, and teachers get an additional $500 to $1,000 off. Demo units with under 2,000 miles are discounted further. The federal EV tax credit expired in September 2025, but Tesla’s own incentives are now arguably larger than the old $7,500 credit ever was on volume models.
If you have been waiting for the right time to buy a Tesla, the math has never looked better. Model Y is down $6,360 from last year with zero-interest financing on top. The Cybertruck shed nearly $8,000. Even the Model X dropped over 8%. The only model that got more expensive is the Model S — and Tesla is phasing it out alongside the Model X later this year.
