10:53 AM EDT, 03/28/2025 (MT Newswires) -- Tesla's (TSLA) Q1 deliveries are projected to be 364,000, well below the consensus estimate of 398,000, RBC Capital Markets said in a report emailed Friday.

January and February deliveries were affected by planned Model Y production halts for a refresh, while demand may have been delayed due to the anticipated launch of the refreshed Model Y and a new, more affordable model in Q2, the report said.

RBC estimates quarter-on-quarter Q1 delivery declines of 5.4% in the US, a 47.8% drop in China, and 19.9% in Europe.

RBC has an outperform rating on Tesla with a price target of $320. This rating is based on strong electric vehicle market position, financial advantages for growth, and long-term potential in energy, software, and artificial intelligence, the report said.

Shares of Tesla were down more than 3% in recent Friday trading.

Price: 262.12, Change: -11.02, Percent Change: -4.03