Tesla Stock at $435: Can Q3 Earnings Propel It Past the $450 Resistance Level?

In the third quarter of 2025, Tesla produced over 447,000 vehicles and delivered more than 497,000 vehicles, both figures setting new records for the company. Its energy storage deployments also broke previous highs, reaching 12.5 GWh for the quarter. These delivery numbers were well above what many analysts had forecast, reflecting a surge of demand in advance of the expiration of US electric vehicle tax incentives. 

Most of the delivered volume came from the Model 3 and Model Y lines. In that quarter, about 481,166 of the deliveries were these two models, confirming that Tesla’s traditional passenger vehicle business continues to drive its volume. Some analysts had earlier projected deliveries between 442,000 and 465,000 units, but the actual result exceeded those expectations.

Full-year projections for 2025 deliveries remain lower than last year. Many forecasters estimate that Tesla might deliver around 1.61 million vehicles this year, which is about 10 percent below its 2024 output. To hit such a target, the company must deliver roughly 389,500 vehicles in the final quarter.

Earlier in the year, Tesla’s performance had lagged. In the second quarter of 2025, the company delivered over 384,000 vehicles, and production was just above 410,000 units. That context sets up the third-quarter surge as a particularly strong rebound.