Tesla Reports Record Vehicle Deliveries

Topline

Elon Musk’s net worth returned above the $500 billion threshold on Wednesday after Tesla reported a record-setting number of vehicle deliveries through the third quarter, as Musk’s automaker appeared to benefit in the lead-up to a tax credit expiring for electric vehicle purchases.

Key Facts

Tesla said Thursday it delivered 497,099 vehicles in the third quarter, above the company’s compiled consensus of 443,079 and economists’ projections of 456,000, according to FactSet.

That surpasses Q4 2024 (495,600) for the most vehicles delivered by Tesla in a quarter, representing a 7.4% year-over-year increase.

The automaker reported just over 384,000 vehicle deliveries through the second quarter in July, below analyst expectations and a 13% annual decline, the largest by Tesla on record and the second-straight quarterly decrease.

Tesla shares rose 1.7% to around $467.50 shortly after trading opened Thursday morning.

Forbes Valuation

Musk is the world’s richest person with a fortune estimated at $500.8 billion as of Thursday. He became the first billionaire to be worth $500 billion or more on Wednesday, following Tesla’s 33% rally in September. Musk became the first person to be worth $400 billion or more in December.

Tangent

An uptick in quarterly vehicle deliveries follows Wednesday’s expiration of a $7,500 federal tax credit for Americans purchasing electric vehicles. EV sales have risen in recent years and at a rate faster than gas-powered cars, increasing by 7% to 1.6 million in 2024, well above the 2% rate for non-electric passenger vehicles, according to the Bureau of Transportation Statistics. It’s not immediately clear whether the tax credit’s expiration will impact EV sales moving forward, though Ford CEO Jim Farley said Wednesday he “wouldn’t be surprised” if EV demand was cut in half.

What To Watch For

Tesla will report Q3 earnings on Oct. 22 after market close. Musk’s automaker is expected to report earnings per share of $0.49 and $25.1 billion in revenue, a 22.5% and 11.6% increase over the previous quarter, respectively.

Key Background

Tesla’s third quarter has, so far, been marked by declining sales in Europe amid rising competition from EV alternatives from Volkswagen and BYD. The company’s stock has rebounded in recent weeks following a slump earlier this year, which came as Musk’s relationship with President Donald Trump tightened, leading to protests against the automaker. Musk reaffirmed his commitment to Tesla in May, following a public falling out with Trump, telling investors he would “do a lot less” on future political donations and allocate “far more of my time to Tesla.” Last month, Tesla outlined a new compensation package for Musk that could be worth roughly $1 trillion if the automaker achieves several key objectives over the next decade. The automaker disclosed that, during negotiations with Musk, who threatened to leave the company, it was “critical” for Musk’s commitment to be secured while receiving assurances that Musk’s “involvement with the political sphere would wind down in a timely manner.”

Further Reading

ForbesElon Musk Just Became The First Person Ever Worth $500 BillionForbesTesla Vehicle Deliveries Shrank 13% Last Quarter — A Historic Decline As Elon Musk’s Troubles Mount

Source: https://www.forbes.com/sites/tylerroush/2025/10/02/tesla-vehicle-deliveries-hit-record-last-quarter/