Tesla is holding its 2025 Q4 earnings call today at 2:30 pm PT (local times displayed below). The earnings call will be followed by a Q&A session with Tesla executives, including Elon Musk.
We expect the call to focus on FSD, the Robotaxi network, and Cybercab, but as usual, there is a lot to cover. We could see Tesla address questions such as the removal of Autopilot from new vehicles, the rationale for moving FSD to a subscription-only service (should you buy FSD now?), and more.
We should get clarity on whether the Cybercab is still on track for production in April, and we’ll hopefully receive an update on the release of Tesla’s next major FSD version, FSD v14.3.
Listen Live
The event will be live-streamed and is expected to be available on Tesla’s site and YouTube via an audio-only feed.
You can listen to the event live on YouTube below:
Start Time
Tesla's live stream starts at 2:30 pm PT, which is the following times around the world:
2:30 pm Pacific Time
5:30 pm Eastern Time
10:30 pm UTC
10:30 pm - London, England
11:30 pm - Berlin, Germany
9:30 am (next day) - Sydney, Australia
Top Q&A Questions
The questions that are asked during Q&A come directly from investors. These top are the top 10 questions in Say’s platform which may be asked and answered during Tesla's Q&A session.
Today there are ~90M cars sold globally each year, does Tesla have a view based on its robotaxi ambition what this number will be in 5 or 10 years and how does this impact Tesla's EV strategy to have more models?
Are there still plans to launch new models to address different price segments and vehicle types which could materially expand the TAM for Tesla?
Historically Tesla has spoken about Gross margin per model, are there standalone Gross Margin targets for the current models excluding the benefits of FSD sales?
You once said: Loyalty deserves loyalty. Will long term Tesla shareholders still be prioritized if SpaceX does an IPO?
What is the current bottleneck to increased Robotaxi deployment & personal use unsupervised FSD? The safety/performance of the most recent models or people to monitor robots robotaxis in-car or remotely? Or something else?
After the unveiling of the Cybertruck, Musk stated if it didn’t sell well, Tesla would build a more conventional looking pickup. How practical would it be to create this new design on the Cybertruck architecture and could it be conveniently built on the existing production lines?
Regarding Optimus, could you share the current number of units deployed in Tesla factories and actively performing production tasks? What specific roles or operations are they handling, and how has their integration impacted factory efficiency or output?
When is FSD going to be 100% unsupervised?
What has surprised you about the robotaxi rollout so far, and what factors have constrained fleet expansion to date, which appears to be ~200 vehicles based on public tracking?
Are chase cars part of the initial driverless rollout? If yes, what milestones are required to remove them, and what additional value do they provide beyond a safety monitor?
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, along with comparisons 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.
We’ll have a full recap of the earnings call for you tomorrow, including everything Tesla talked about and all the questions and answers during the Q&A session.
