Tesla's Q3 deliveries beat expectations as the sequential decline reverses
Deliveries beat consensus but still fell year over year; demand after the federal tax credit's expiry is the key thing to watch.
ImportanceMaterialEvidenceE3 inspectableWrite-upQuick
Tesla delivered 486,532 vehicles in the third quarter, above the roughly 461,100 analysts expected, and the stock rose 5% on the day.
Deliveries were still down about 2% from 497,099 a year earlier, but up from 480,126 in the second quarter. The US federal EV tax credit ended early on September 30, 2025, putting direct pressure on fourth-quarter demand.
Energy storage deployments reached 13.7 GWh, up from 12.5 GWh a year earlier, with Megapack and similar systems serving data centers and utilities. Model 3 and Model Y accounted for 98% of deliveries. Tesla reports third-quarter earnings on October 21.