Tesla (TSLA) delivered 486,532 vehicles in the third quarter of 2026, down 2.1% from the record 497,099 it delivered in the same quarter last year.

That’s still about 25,000 more than Wall Street expected, with the consensus at 461,974 deliveries. Tesla also delivered about 22,000 more vehicles than it built.

According to Tesla’s production and delivery report, the company produced 464,391 vehicles and delivered 486,532 in Q3 2026.

Model 3 and Model Y accounted for 478,237 of those deliveries. “Other Models,” which now means the Cybertruck, the Semi, and whatever Model S and Model X inventory is left, added 8,295. That’s down 48% from 15,933 a year ago.

Here’s the full breakdown:

Tesla delivered 22,141 more vehicles than it built. That’s the second quarter in a row that it has worked down inventory, and between Q2 and Q3, it has now cleared the roughly 50,000 excess vehicles it built in Q1.

The year-over-year comparison was always going to be tough. Tesla delivered 497,099 vehicles in Q3 2025, still its all-time record, when US buyers rushed to claim the $7,500 federal tax credit before it expired on September 30, 2025.

Against that, 486,532 is a 2.1% drop. It’s also up 1.3% from the 480,126 vehicles Tesla delivered in Q2.

Tesla is still ahead for the year. It has delivered 1,324,681 vehicles through three quarters, up 8.8% from 1,217,902 at the same point in 2025.

On expectations, Tesla’s own company-compiled consensus had 24 analysts averaging 461,974 deliveries. Individual estimates ranged from 421,758 at Cantor Fitzgerald to 482,000 at JPMorgan, with prediction markets in the low-to-mid 470,000s.

Tesla beat the consensus by 24,558 units, and it beat every estimate on that list.

Tesla also deployed 13.7 GWh of energy storage products in Q3, up 9.6% from the 12.5 GWh it deployed a year ago and up from 13.5 GWh in Q2.

That’s short of the 14.2 GWh record Tesla set in Q4 2025, and well below the 15.9 GWh analysts expected.

I said earlier this week that I expected Tesla’s deliveries to be roughly flat to slightly down versus Q3 last year, and that’s what we got. Wall Street was too low again.

High gas prices are doing a lot of the work here. They’re replacing most of the demand Tesla lost in the US when the tax credit expired, and exports out of Shanghai are covering for weak retail sales in China.

The good news is that Tesla didn’t build inventory to get here. But volume isn’t profit. Tesla badly missed on profit in Q2, and it just lined up $30 billion in credit.

Meanwhile, BYD outsold Tesla by about 276,000 EVs in a single quarter. Imagine where Tesla would be with a $25,000 to $30,000 model in production during a gas price crisis. That was the plan before Elon bet the house on autonomy.

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