Tesla (TSLA) Stock Drops Despite Q3 Delivery Beat; Lease Hikes Add Pressure

Tesla Inc. (TSLA) reported Q3 deliveries of 497,099 vehicles, topping Wall Street expectations of ~447k–448k and rising 7.4% year-over-year from 462,890 in Q3 2024. Production came in at 447,450 units, lower than deliveries as the company reduced inventory.

The strong report marked Tesla’s first year-over-year quarterly delivery growth of 2025, aided by a surge of sales ahead of the September 30 expiration of the U.S. $7,500 EV tax credit.

Despite the beat, Tesla shares fell sharply. The stock opened at $470.54, briefly touched a high of $470.75, but slid to a low of $437.04 before recently trading at $438.01, down 4.7% on the day. Investors weighed concerns about demand sustainability into Q4.

Adding to pressure, Tesla raised U.S. lease prices across its lineup after the tax credit expired.

• Model Y: Lease range lifted from $479–$529 to $529–$599 per month.
• Model 3: Lease range moved from $349–$699 to $429–$759.
• Vehicle sticker prices remain unchanged.

Market watchers say the lease hikes reflect an effort to offset lost incentives, but also risk cooling demand. With deliveries outpacing production and tax credit support fading, attention now shifts to Q4 order trends and margin performance.