Tesla profits rise 17% but miss expectations as unsold EV stockpile grows

23 April 2026 , 21:06

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Tesla profits rise 17% but miss expectations as unsold EV stockpile grows

Tesla’s quarterly profit rose 17 per cent as the electric-vehicle maker rebounded from a weak quarter last year and boosted income from its services division.

Investors were encouraged by the recovery and the shares rose 4.5 per cent in after-hours trading. The stock had been 15 per cent lower this year.

Musk has pivoted away from vehicle sales to focus on AI-powered robotics and self-driving cars, but has thus far only managed a limited robotaxi experiment in Texas and has yet to produce any Optimus humanoid robots.

First-quarter revenue increased 16 per cent to $22.4bn, ahead of the average analyst estimate of $22bn compiled by FactSet. Vehicle deliveries rose to 358,023, from 336,681 in the same period of 2025, according to a filing earlier this month.

Tesla produced 408,386 EVs in the quarter, leaving it with more than 50,000 unsold units, almost double the number at the same time last year.

Energy storage revenues fell 12 per cent to $2.4bn. Tesla had previously disclosed a drop in battery sales. Services revenue rose 42 per cent to $3.7bn.

Elizabeth Baker

Technology & Business Editor