Tesla reported record global deliveries of 497,099 vehicles in the third quarter of 2025, lifted by a surge in U.S. demand ahead of the expiration of a federal tax credit, and well above Wall Street’s forecast of 439,612 units.
The U.S. EV maker’s quarterly deliveries rose 7.39% from a year earlier and jumped 29.41% from the previous quarter, after a weak start to the year. Model 3 and Model Y vehicles accounted for the bulk of sales at 481,166 units, up 9.36% year-on-year and 28.75% quarter-on-quarter. Tesla said U.S. sales received a temporary boost as customers accelerated purchases before the $7,500 federal EV tax credit ended on September 30.
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Production, however, fell short of deliveries at 447,450 units, as Tesla drew down inventory accumulated earlier in the year. In Q1 and Q2, the company produced nearly 52,000 more vehicles than it delivered, nearly matching the surplus absorbed in Q3. Compared with the same period in 2024, production slipped from 469,796 units, but deliveries topped last year’s 462,890.
Larger models — the Model S, Model X, and the Cybertruck — continued to account for a small share, with 11,624 vehicles built and 15,933 delivered. Analysts said the figures reflect weakening demand for the long-running S and X and slower-than-expected uptake of the Cybertruck, which has yet to gain strong traction.
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Beyond vehicles, Tesla also reported a record 12.5 GWh of energy storage deployments, spanning residential systems and large-scale commercial batteries. The company will release its third-quarter financial results after market close on Oct. 22.
Source: Tesla
