Tesla faces second consecutive annual sales decline as Q4 2025 deliveries drop amid robotaxi-fueled stock surge

Tesla is moving toward a second year in a row of falling vehicle sales, with fourth-quarter deliveries expected to slide about 11–15% while its share price climbs on robotaxi and AI speculation. Investor enthusiasm has been driven by Elon Musk's push for autonomous ride services, even as demand for Tesla's current cars softens and regulators in the U.S. and abroad scrutinize the company's self-driving claims. The end of federal EV tax credits in the United States and intensifying competition from BYD and Xiaomi add further pressure going into 2026.