Tesla (TSLA) has released its Q2 2025 production and delivery results this morning, confirming it delivered 384,122 electric vehicles during the second quarter.
In Q2 2024, Tesla delivered 444,000 electric vehicles globally.
With Tesla suffering from brand damage and more competition, demand has slowed considerably. Tesla experienced a significantly underwhelming performance in Q1 2025, missing expectations by a substantial margin.
Therefore, as we reported yesterday, the consensus on Wall Street, based on Tesla’s company-compiled consensus, was for Tesla to deliver only 385,000 vehicles in Q2 2025. That would represent a 13% year-over-year decline.
Today, Tesla released its production and delivery report for Q2 2025, and it confirmed that it delivered 384,122 electric vehicles during the quarter:
| Production | Deliveries | Subject to operating lease accounting | |
| Model 3/Y | 396,835 | 373,728 | 2% |
| Other Models | 13,409 | 10,394 | 7% |
| Total | 410,244 | 384,122 | 2% |
In Q1, Tesla’s excuse was that the Model Y changeover limited production and consequently deliveries, even though this could be disproven by the fact that Tesla overproduced cars by approximately 30,000 units in Q1.
Regardless, Tesla doesn’t have this excuse in the second quarter as production for the new Model Y ramped up at all factories and the automaker started to accumulate inventory.
We can now see that in the production numbers coming in at 410,000 units – way up from 362,000 units in Q1.
However, Tesla is again significantly adding to inventory with production coming in at about 25,000 units over deliveries.
Tesla also confirmed having deployed 9.6 GWh of energy storage products – down from 10.4 GWh last quarter and in line with deployment during the same period last year.
Electrek’s Take
Tesla delivered right on Wall Street expectations, which is higher than I expected. We already knew pretty much exactly how many vehicles Tesla deliveries in Europe and China.
The US is the only large market that is opaque and this would point to Tesla overperforming here, which is surprising considering the inventory levels that we saw at the end of the quarter.
It’s still a 13% drop in deliveries year-over-year and there’s nothing to celebrate here.
Tesla has now produced 50,000 more vehicles than it delivered so far this year amid a giant demand slump.
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