Tesla (TSLA) confirms 384,000 deliveries in Q2 2025, right on expectations
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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Tesla’s Q2 results are in, and they are way, way down from Q2 of 2024. At the same time, Nissan seems to be in serious trouble and the first-ever all-electric Dodge muscle car is getting recalled because its dumb engine noises are the wrong kind of dumb engine noises. All this and more on today’s deeply troubled episode of Quick Charge!
We’ve also got an awesome article from Micah Toll about a hitherto unexplored genre of electric lawn equipment, a $440 million mining equipment deal, and a list of incompetent, corrupt, and stupid politicians who voted away their constituents’ futures to line their pockets.
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OpenAI is distancing itself from Robinhood‘s latest crypto push after the trading platform began offering tokenized shares of OpenAI and SpaceX to users in Europe.
“These ‘OpenAI tokens’ are not OpenAI equity,” OpenAI wrote on X. “We did not partner with Robinhood, were not involved in this, and do not endorse it.”
The company said that “any transfer of OpenAI equity requires our approval — we did not approve any transfer,” and warned users to “please be careful.”
Robinhood announced the launch Monday from Cannes, France, as part of a broader product showcase focused on tokenized equities, staking, and a new blockchain infrastructure play. The company’s stock surged above $100 to hit a new all-time high following the news.
“These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood’s ownership stake in a special purpose vehicle,” a Robinhood spokesperson said in response to the OpenAI post.
Robinhood offered 5 euros worth of OpenAI and SpaceX tokens to eligible EU users who signed up to trade stock tokens by July 7. The assets are issued under the EU’s looser investor restrictions via Robinhood’s crypto platform.
“This is about expanding access,” said Johann Kerbrat, Robinhood’s SVP and GM of crypto. “The goal with tokenization is to let anyone participate in this economy.”
The episode highlights the dynamic between crypto platforms seeking to democratize access to financial products and the companies whose names and equity are being represented on-chain
U.S. users cannot access these tokens due to regulatory restrictions.
Despite the warnings, BYD continues introducing new discounts. On Wednesday, BYD’s luxury off-road brand began offering over 50% Huawei’s smart driving tech.
BYD introduces new discounts on smart driving tech
After BYD cut prices again in May, the China Automobile Manufacturers Association (CAMA) warned that the ultra-low prices are “triggering a new round of price war panic.”
Although they didn’t single out BYD, it was pretty obvious. BYD slashed prices across 22 of its vehicles by up to 34%, triggering several automakers to follow suit in China.
BYD’s cheapest EV, the Seagull, typically starts at about $10,000 (66,800 yuan). After the price cuts, the Seagull is listed at under $8,000 (55,800 yuan).
It doesn’t look like China’s EV leader plans to slow down anytime soon. Fang Cheng Bao, BYD’s luxury off-road brand, introduced new discounts on Huawei’s smart driving tech on Wednesday.
The limited-time offer cuts the price of Huawei’s Qiankun Intelligent Driving High-end Function Package to just 12,000 yuan ($1,700).
Buyers who order the smart driving tech in July will save over 50% compared to its typical price of 32,000 yuan ($4,500).
Earlier this year, Fang Chang Bao launched the Tai 3, its most affordable vehicle, starting at 139,800 yuan ($19,300). The Tai 3 is about the size of the Tesla Model Y, but costs about half as much.
The Tai 3 will spearhead a new sub-brand of electric SUVs following the more premium Bao 8 and Bao 5 hybrid SUVs.
BYD’s luxury off-road brand sold 18,903 vehicles last month, up 50% from May and 605% compared to last year. Fang Cheng Bao has now sold over 10,000 vehicles for three consecutive months.
The Chinese EV giant sold 382,585 vehicles in total in June, an increase of 12% from last year. In the first half of the year, BYD’s cumulative sales reached over 2.1 million, a YOY increase of 33%.
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