"The 2025 Q1 decline is…
"The 2025 Q1 decline is being compared to 2024 Q4 which the year end numbers are always the highest and beginning of the year are always the lowest."
No, they literally compared first quarter numbers. But here are the numbers again:
Q1 2023: 422,875
Q1 2024: 386,810
Q1 2025: 336,681
The excuse last year was that Tesla was in the midst of a Model 3 refresh and that numbers would bounce back later in the year. Instead they had their first full year decline (and the Model 3 sales were down over 17% for the full year).
The Cybertruck was supposed to be ramping up, instead deliveries dropped in Q4, and judging by registration data and production data in the recall suggest deliveries under 8k for the quarter.
The news with Ryder slashing it's Semi order suggests that is also going to be delayed further and come to market with a larger than expected pricetag.
The current applications for Robotaxi operation don't suggest anything approaching a large scale rollout (or even functional unsupervised operation).
The lower cost vehicle appears to have pushed off to next year, while several other OEMs are poised to release low cost models (including the new Bolt).
TL;DR: It looks increasingly like 2025 is another "lost year" for Tesla. Maybe they're still a good long term investment on the strength of other business units, but their automotive business is struggling.