NEW YORK, Jan 2, 2026, 09:52 ET — Regular session
- Tesla shares were up about 0.6% early Friday after the EV maker reported Q4 deliveries of 418,227 vehicles
- The company set Jan. 28 for fourth-quarter results, with investors focused on demand, margins and the robotaxi push
- Rival Rivian also posted softer 2025 deliveries and set a Feb. 12 results date
Tesla shares edged higher in early U.S. trading on Friday after the electric-vehicle maker reported fourth-quarter deliveries that fell short of Wall Street expectations, reviving questions about demand as the new year’s first regular session got underway.
The deliveries update matters now because it is one of the first hard readouts on U.S. EV demand after a $7,500 federal tax credit ended in late September, pushing effective prices higher for many buyers. It also lands as investors continue to price Tesla more like a tech bet on self-driving and robotaxis than a carmaker, even as vehicle sales remain the company’s core business.
Tesla was up 0.6% at $452.49, while the tech-heavy Nasdaq-tracking Invesco QQQ Trust was up about 1% in early trade, a supportive backdrop for growth stocks.
Tesla said it delivered 418,227 vehicles in the October–December quarter, after producing 434,358 vehicles. It also deployed 14.2 gigawatt-hours (GWh) of energy storage products in the quarter, a record for deployments, the company said.
For the full year, Tesla said it delivered 1,636,129 vehicles in 2025 and produced 1,654,667, while energy storage deployments totaled 46.7 GWh.
Analysts had expected 434,487 fourth-quarter deliveries, according to Visible Alpha, and the miss came as U.S. EV demand softened after the tax credit’s expiry.
“The market remains focused on the robotaxi business,” said Seth Goldstein, senior equity research analyst at Morningstar, pointing to Tesla’s efforts to test its Cybercab in Austin. Reuters
Tesla has leaned on lower-priced variants to defend volumes, but investors have increasingly focused on how quickly new software-led businesses can scale alongside a maturing EV market.
Competition has intensified as China’s BYD overtook Tesla on annual EV volume in 2025, with BYD selling 2.26 million EVs while Tesla’s deliveries fell about 9% from 2024, according to published reports.
Rivian gained 2.5% to $20.21 after it reported 2025 deliveries of 42,247 vehicles and said it produced 10,974 vehicles and delivered 9,745 in the fourth quarter, underscoring the pressure on demand for higher-priced EVs.
Before the next major catalyst, investors will focus on whether Tesla’s production running ahead of deliveries signals heavier discounting or inventory build, and whether growth in energy storage can cushion slower auto demand.
Tesla said it will report fourth-quarter financial results after the market closes on Wednesday, Jan. 28, with a webcast scheduled for 5:30 p.m. ET, putting a tighter spotlight on profit margins, cash flow and management’s timeline for self-driving and robotaxi initiatives.
