Tesla Plunges 15% on Robotaxi Delay, Weak Deliveries

Tesla shares tumbled 15% on Monday, erasing over $150 billion in market value after the company reported first-quarter vehicle deliveries of 387,000 units, missing analyst estimates by 13%. The shortfall, attributed to supply chain constraints and production adjustments at its factories, underscores ongoing challenges in scaling output amid softening demand for electric vehicles. The disclosure came alongside news that Tesla's highly anticipated Robotaxi unveiling has been delayed from August to October, casting doubt on the timeline for its autonomous driving ambitions.

The delay erodes investor confidence in Tesla's growth narrative, which has hinged on rapid progress toward full self-driving technology and robotaxi services as key revenue drivers. With deliveries now declining for two straight quarters, the results highlight intensifying competition from rivals like BYD and legacy automakers, as well as macroeconomic headwinds including high interest rates curbing consumer spending on big-ticket items. Tesla's stock plunge dragged down the broader EV sector, with Rivian (RIVN) falling 8% in sympathy.

Traders should watch for Tesla's first-quarter earnings call on April 23, where Chief Executive Elon Musk is expected to provide updated guidance on Robotaxi development and cost-cutting measures. Key metrics to monitor include gross margins, which have been squeezed by price cuts, and any revisions to full-year delivery forecasts amid persistent supply issues. A sustained #TeslaDeathCross technical pattern, now trending on X alongside bearish memes, signals potential further downside if sentiment doesn't stabilize.