Tesla has released a company-compiled consensus estimate projecting 422,850 vehicle deliveries for the fourth quarter of 2025, a 15% decline from the previous year. This figure, lower than independent compilations like Bloomberg's 445,061, marks an unusual public disclosure ahead of the official report due on January 2, 2026. The move appears aimed at managing expectations amid softer demand following the expiration of U.S. EV tax credits.
Tesla's investor relations page now features a table showing analyst consensus for Q4 2025 deliveries at 422,850 vehicles, including 388,002 Model 3 and Model Y units and 34,848 from other models. This represents a 15% drop year-over-year, contrasting with Bloomberg's average of 445,061 vehicles, a 10% decline. The company, which typically shares such estimates privately with select analysts, did not endorse the figures but noted they come from 20 sell-side analysts including Wedbush, Goldman Sachs, and Morgan Stanley.
For the full year, the consensus points to 1,640,752 deliveries, an 8.3% decrease from 1,789,226 in 2024, potentially marking Tesla's second consecutive annual decline. Earlier in 2025, deliveries slumped due to production retooling for the refreshed Model Y across factories. A third-quarter surge to record levels occurred as buyers rushed to claim $7,500 federal tax credits before their September expiration. To offset the incentive loss, Tesla introduced stripped-down Model 3 and Model Y variants priced under $40,000 in October.
The publication has sparked speculation that Tesla is anchoring lower expectations to frame actual results positively. As Electrek suggested, a delivery number around 425,000 could be spun as a 'beat' against the 422,850 benchmark, potentially softening stock impacts from whisper numbers near 440,000. Tesla shares dipped 0.8% to $455.75 on December 30, amid light holiday trading and broader market caution.
Challenges persist from intensified competition, including Chinese rivals like BYD, and concerns over demand in key markets. Energy storage deployments are estimated at 13.4 GWh for Q4, up from 12.5 GWh in Q3. Investors await Friday's report for insights into pricing, regional demand, and traction for cheaper trims, with focus shifting post-deliveries to Q4 earnings and 2026 outlook.
