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Tesla’s (TSLA) Q4 2025 deliveries plunged 16% year-over-year (YoY) and fell short of the already toned-down forecast that analysts had set for the Elon Musk-run company. In the full year, it delivered 1.64 million vehicles, which was 8.6% lower than the previous year.
The company’s deliveries have fallen on an annual basis for two consecutive years, and if not for the sales bump in Q3 ahead of the expiration of the $7,500 EV tax credit, last year's numbers could have looked even uglier. Notably, BYD (BYDDY)—which is also battling a slowdown in China but is seeing strong sales in global markets—overtook Tesla to become the world’s largest seller of battery electric vehicles (BEVs) last year.
