Core Insights - Tesla reported first-quarter 2025 earnings per share of 27 cents, missing the Zacks Consensus Estimate of 44 cents and down from 45 cents year-over-year. Total revenues were $19.33 billion, below the consensus mark of $21 billion and down 9% year-over-year [1][2]. Production and Deliveries - Tesla's first-quarter production totaled 362,615 units, a decline of 16% year-over-year, and missed the estimate of 426,407 units. The company delivered 336,681 vehicles, down 13% year-over-year, also falling short of the estimate of 409,584 units. Model 3/Y deliveries were 323,800 vehicles, a 12% decline year-over-year, missing expectations of 389,255 units [3]. Automotive Revenues - Total automotive revenues were approximately $14 billion, down 19.6% year-over-year, and below the estimate of $18.4 billion. This figure included $595 million from the sale of regulatory credits, which increased 34.6% year-over-year. Automotive sales, excluding leasing and regulatory credits, totaled $12.92 billion, missing the projection of $17.5 billion due to lower-than-expected deliveries. Automotive gross profit was $1.46 billion, with a gross margin of 11.3%, down from 15.5% in the first quarter of 2024 [4][5]. Operating Margin and Cash Flow - Tesla's operating margin declined by 343 basis points year-over-year to 2.1%, significantly below the estimate of 7.5%. Net cash provided by operating activities was $2.1 billion, down from $4.8 billion in the previous year. Capital expenditure for the quarter was $1.5 billion, and free cash flow generated was $664 million, compared to $2.8 billion in the fourth quarter of 2024 [5][7]. Financial Position - As of March 31, 2025, Tesla had cash, cash equivalents, and investments totaling $37 billion, up from $36.5 billion on December 31, 2024. Long-term debt and finance leases, net of the current portion, were $5.3 billion, down from $5.7 billion as of December 31, 2024 [6].