Tesla’s sales fell in the fourth quarter of 2025, as rising competition and the expiration of the federal EV tax credit continued to sap the company’s global ambitions. The sales drop has led to Tesla losing its title as the world’s best-selling EV maker to China’s BYD, which sold 2.26 million vehicles last year.

William Blair said Q4 deliveries were “expected” and should have little impact on the stock. ・Stifel called the results neutral, while Truist said AI and full self-driving matter more than deliveries.

Tesla produced 434,358 EVs in Q4. For 2025, Tesla delivered 1.64 million vehicles, marking an 8.6% decline vs. 1.79 million in 2024. For energy storage, Tesla deployed 14.2 gigawatt-hours of energy storage in Q4, surpassing the previous record of 12.5 GWh of energy storage in Q3.