Tesla's stock fell 5.4% on April 2, bringing its 2026 decline to more than 20% so far. The company reported first-quarter deliveries fell short of industry expectations, with production of 408,386 vehicles and deliveries of 358,023, falling short of analyst expectations of 370,000 and its internal consensus estimate of 365,000. Despite this, deliveries improved 6% year over year, but the increase was skewed due to the company's 13% lower total from 2024. BNP Paribas has expressed serious concerns about Tesla's plan to replace its Model S and Model X production capacity with Optimus humanoid robots and Cybercabs. The firm reiterated its price target of $280 on Tesla shares, indicating a potential 22% downside from the current level.