Tesla delivered 486,532 electric vehicles in the third quarter of 2026, a 2.1 percent decline from the 497,000 it sold in the same period a year earlier, the company reported Wednesday. The drop was driven largely by the Cybertruck, which has seen demand fall sharply since its 2023 launch.
The company built 464,391 vehicles during the quarter, up 3.7 percent year over year, meaning it produced more cars than customers bought. Of those, 457,387 were Model 3 and Model Y vehicles, while deliveries of those two models totaled 478,237, a 0.6 percent decrease from Q3 2025.
The gap between production and sales points to growing inventory on dealer lots, particularly for the Cybertruck, which has struggled to find buyers at its $79,990 starting price. Tesla has cut Cybertruck production targets multiple times since launch and has offered discounts and free charging incentives to move units.
Investors looked past the year-over-year decline. Tesla stock rose in morning trading Thursday after the delivery figure beat analysts' consensus estimate of 456,600 vehicles. The beat was narrow — about 6.5 percent above expectations — but enough to reassure Wall Street that demand has not fallen off a cliff.
Tesla's Q3 results come as the broader EV market faces headwinds. Federal tax credits for electric vehicle purchases expired at the end of 2025, removing up to $7,500 from the effective price of a new Tesla. Competitors including Ford, GM, and Hyundai have also reported softer EV sales in recent quarters.
The Cybertruck's troubles are particularly acute. The stainless-steel pickup was supposed to expand Tesla's addressable market into the lucrative full-size truck segment dominated by Ford's F-150 and Chevrolet's Silverado. Instead, it has been plagued by recalls, quality complaints, and a design that has limited its appeal outside Tesla's existing customer base.
Tesla does not break out Cybertruck sales separately in its quarterly delivery reports, folding them into a catch-all category alongside the Model S and Model X. That category has shrunk every quarter since the Cybertruck went on sale.
The company's energy storage business, which Tesla has increasingly highlighted as a growth driver, was not included in Wednesday's delivery figures. Tesla is scheduled to report full Q3 financial results later this month.
