Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon, today is Wednesday, April 2nd, and I'm your host, Kim Khan. Our top story so far.

Tesla fell short of expectations for Q1 deliveries as backlash against CEO Elon Musk and a changeover in the Model Y weighed.

The EV Maker reported 336,681 deliveries for Q1, shy of the 377,000 consensus, and the lowest

quarterly tally since 2022. Tesla said it produced 362,615 vehicles during the quarter, and 4% of the deliveries

total was subject to operating leased accounting. Model 3 slash Y deliveries for the quarter were

323,800, while other models, the cyber truck and models S and X accounted for 12,881 deliveries.

Wedbush analyst Dan Ives says,

We knew first quarter Tesla deliveries would be soft, but these numbers were bad.

We are not going to look at these numbers with rose-colored glasses.

They were a disaster on every metric.

Refresh issues, but brand crisis key. The time has come for Musk,

fork in the road moment for Tesla. Tesla delivered 462,890 vehicles and 495,570 vehicles in the two

preceding quarters, and 386,810 vehicles in Q1 a year ago.

Looking ahead, analysts have not yet slashed their delivery forecast for the remaining

three quarters.

The consensus estimates are for Q2 deliveries of 456,000, Q3 deliveries of 497,000, and

Q4 deliveries of 544,000.

The optimistic forecasts are based on hopes that the new Model Y will be well received,

and that a sub-30,000 model will finally be introduced.

Also in the mix, full-scale production of the cyber cab

could boost Tesla's deliveries numbers significantly in 2026,

...