Tesla Deliveries down 13% at 336,681. It's actually worse than it appears

Tesla deliveries for Q1 2025 vs. Q1 2024 are down 13%. That sounds bad for a "growth" company traded at 121 PE ratio. However, it's much worse than this.

Why much worse? Because Q1 2024, the comparison quarter, was already a terrible quarter for Tesla. And now a year later Tesla deliveries are down again from that. See the following:

Q1 2025 Deliveries: 336,681 (-13% growth)

Q1 2024 Deliveries: 386,810 (-9% growth)

Q1 2023 Deliveries: 422,875 (36% growth)

Q1 2022 Deliveries: 310,048 (68% growth)

Q1 2021 Deliveries: 184,800 (119% growth)

Q1 2020 Deliveries: 88,400

This is bad news. Elon supporters may try to spin this as -13% is not that bad, but as people figure this out, it's going down IMO.

In the image you can also see the severity of the drop versus historical data and the quarter-over-quarter drop versus Q4 2024. 495,600 vehicles were delivered in Q4 2025. That's means Q1 2025 is down 32% versus the previous quarter. Yikes.

And if you think that a big drop from Q4 to Q1 is just a constant cyclical thing for Tesla:

Q4 2019 to Q1 2020: Down

Q4 2020 to Q1 2021: Up

Q4 2021 to Q1 2022: Up

Q4 2022 to Q1 2023: Up

Q4 2023 to Q1 2024: Big Down (the comparison quarter)

And if that's not enough... the "salute" didn't happen till January 20.

I hear all the stock manipulation, meme stock, etc. And I see TSLA is up after today's delivery news + news that Musk may be leaving DOGE soon, but I'm still fully bearish on TSLA.

Original graph from here: [https://cnevpost.com/2025/01/02/tesla-global-deliveries-q4-2024/](https://cnevpost.com/2025/01/02/tesla-global-deliveries-q4-2024/)

Additional chart here: [https://www.statista.com/statistics/502208/tesla-quarterly-vehicle-deliveries/](https://www.statista.com/statistics/502208/tesla-quarterly-vehicle-deliveries/)