Driving the news: Tesla $TSLA ( ▼ 1.44% ) reported 497,099 vehicle deliveries in Q3 2025, up 7% year-over-year, beating analyst expectations of around 447,600 units as customers rushed to take delivery before a key federal tax credit expired September 30.
The details: The delivery numbers show Tesla rebounding from two consecutive quarterly declines, though production actually fell compared to the same period last year.
Tesla produced 447,450 vehicles in Q3, down from 469,796 in the same period last year, with 435,826 units being the popular Model 3 and Model Y.
Year-to-date deliveries stand at approximately 1.2 million, down about 6% compared to the first three quarters of 2024.
Tesla stock jumped 40% in Q3 and is now up 14% for the year.
Big picture: Without federal incentives, the EV market faces its first real test of whether consumers will pay “full price” for electric vehicles. And Tesla's ability to maintain momentum without subsidies supporting sales, will be a massive factor in defining the next chapter of EV adoption.
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