Tesla (NASDAQ: TSLA) shares are finally having a good day. Investors may be anticipating good news tomorrow when the electric vehicle (EV) leader is expected to provide first-quarter production and delivery results.

There is some reason for optimism, but the risk of bad news coming also exists. Some of the latter is already priced into the stock, though. Tesla shares have plunged by about 32% year to date. That’s after the stock jumped 6.2% as of 11:55 a.m. ET today.

Concerns about falling sales have come as protests against Tesla and CEO Elon Musk have expanded. Musk’s role as President Trump’s head of the newly created Department of Government Efficiency (DOGE) has stirred controversy. Reports have said Tesla sales are falling in Europe. Sales in France have reportedly dropped 41% in the first quarter year over year, for example.

But one report out today has better news for Tesla investors. The refreshed Model Y was a bestseller in China in March, according to Teslarati. The website reported that the company sold over 43,000 Model Y units in March. That likely made it the best-selling battery EV in China for the month.

Tesla should share its global first-quarter production and delivery results tomorrow. Investors will likely parse through what impact Musk’s foray into politics has had on the brand as well as how sales were hurt as customers waited for the new Model Y production ramp-up.

The former could be a long-term issue for investors while the latter is simply a short-term blip. Tesla delivered about 387,000 units in last year’s first quarter. Analyst estimates have been dropping for this year, with expectations now for a year-over-year decline.

One likely result from the coming data will be continued volatility in the stock. It will take several more quarters to really know what might be affecting sales in either direction, though.

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