The fourth quarter of 2025 for Tesla paints a picture of a company in the middle of a transition. While Tesla’s automotive business narrowly missed Wall Street’s expectations for deliveries, Tesla Energy posted record-breaking performance.
With the announcement of its Q4 production and delivery numbers today, Tesla is calling 2025 a wrap. The company delivered 418,227 vehicles, falling just short of the analyst consensus of 422,850.
Interestingly, just a few days ago, Tesla posted the analyst consensus numbers on their Investor Relations website, leading many to think Tesla was going to absolutely break expectations, similar to Q3 2025, which was bolstered by the end of the US Federal EV Tax Rebate.
Breaking Down the Numbers
The Q4 delivery figure isn’t record-setting like last quarter. Tesla just barely missed expectations by 4,623 vehicles. Since it is Q4, we also get to review Tesla’s full-year deliveries and production numbers.
Here are the complete numbers below, along with their comparison to last quarter and year-over-year.
Q4 2025 | Q3 2025 | Q4 2024 | |
|---|---|---|---|
Delivery Numbers | |||
Model 3/Y | 406,585 | 481,166 | 471,930 |
Other Models | 11,642 | 15,933 | 23,640 |
Total | 418,227 | 497,099 | 495,570 |
Production Numbers | |||
Model 3/Y | 422,652 | 435,826 | 436,718 |
Other Models | 11,706 | 11,624 | 22,727 |
Total | 434,358 | 447,450 | 459,445 |
Year over Year
2025 | 2024 | |
|---|---|---|
Delivery Numbers | ||
Model 3/Y | 1,585,279 | 1,704,093 |
Other Models | 50,850 | 85,133 |
Total | 1,636,129 | 1,789,226 |
Production Numbers | ||
Model 3/Y | 1,600,767 | 1,679,338 |
Other Models | 53,900 | 94,105 |
Total | 1,654,667 | 1,773,443 |
The Model 3 and Model Y continue to account for the vast majority of Tesla’s operations, with sales of the world’s best-selling vehicle, the Model Y, still holding up after the global launch of the refresh earlier this year.
The ‘other models’ category sales this quarter include sales of the Cybertruck to xAI and SpaceX, which helped to offset sitting inventory. Tesla’s global sitting inventory is currently only about 16,000 vehicles.
While the numbers on the automotive front were softer than expected, there is good news in Tesla’s other sectors - namely, energy.
Tesla Energy
For Q4 2025, Tesla deployed 14.2 GWh of energy storage products, comfortably beating the analyst consensus of 13.4GWh. This isn’t a minor beat - that’s a massive amount of storage. It represents a massive scaling of Tesla’s Megapack business, and suggests that the operational bottlenecks slowing production down at Mega Lathrop and Mega Shanghai are finally being resolved.
This is one of Tesla’s most critical beats, as energy storage products have vastly higher margin profiles than automotive sales, and a surge in deployment volume helps diversify Tesla’s revenue, especially with the end of cap-and-trade tax credits in the United States.
Q4 2025 Earnings Call
Tesla’s next major event will be the Q4 and 2025 Earnings Call, which will take place after markets close on Wednesday, January 28, 2026, about four weeks away. The earnings call will begin at 4:30 PM Central Time, and links will be posted closer to the event.
The key question for the earnings call will be margins. With vehicle deliveries softening but energy deployment surging to record highs, Tesla’s forward guidance and vehicle margins will be an interesting watch.
