Tesla's first-quarter revenue increased by 16% year-on-year, driven by an increase in vehicle deliveries.

Tesla's revenue in the first quarter of 2026 increased by 16% year-on-year, mainly driven by the increase in car deliveries. Revenue from energy generation and storage businesses decreased by 12% year-on-year, while revenue from services and other businesses increased significantly by 42% year-on-year. Tesla is expected to begin mass production of Cybervan autonomous taxis, Tesla semi-trucks, and the large-scale energy storage battery Megapack3 in 2026. The company anticipates that profits from hardware business growth will be accompanied by increased profits from artificial intelligence, software, and fleet-related businesses. Car delivery volume and average selling price: the company stated that the increase in car deliveries and the rise in the average selling price of vehicles have both contributed to revenue growth. Service business and fully autonomous driving income: Gross profit from services and other businesses increased, combined with sales of FSD software and an increase in subscription users, supporting the company's profitability. Decline in energy business revenue: Lower revenue from energy generation and storage businesses has weighed on overall revenue growth. The current overall rating for Tesla stock in the market is a hold; institutional ratings are distributed as follows: 24 firms rating it as strong buy/buy, 21 as hold, and 9 as sell/strong sell. The average rating for the automotive industry as a whole is buy. The median target price for Tesla in the next 12 months on Wall Street is $420, which represents approximately 8.7% upside from the closing price of $386.42 on April 21. The stock's current 12-month forward P/E ratio is 176 times, compared to 215 times three months ago.