Tesla’s Semi factory expansion continues to make construction progresswith recent drone footage from the site showing that the walls are now complete.
The exterior walls at the Gigafactory Nevada Semi expansion are officially upas shared in a video update from Semi factory drone observer Zanegler on Saturday. The video shows substantial progress from updates a few weeks agowhen Tesla began installing windows and walls en masse.
Zanegler also says that the company still had a long way to go regarding the remaining walls as of last Sundaythough he did expect them to be fully completed soon. He also notes thatwhile the roof still isn’t quite completedsome of the final materials can now be seen on the roofsuggesting that it could be completed in the coming weeks.
Along with the full building exterior getting completed walls in recent weekscrews continue to work on the future stamping pit areasand Zanegler also highlights speculation in recent weeks that Tesla could be planning to build its upcoming Robovan at the Giga Semi expansion. You can see Zanegler’s full video from over the weekend below.
READ MORE ON TESLA SEMI: Tesla Semi shows impressive efficiency in 3,000-mile DHL test
It’s now been over a year since Tesla initially broke ground on the Tesla Semi factoryand the company is aiming to launch production at the plant sometime in 2025. The first full exterior corner was completed in late October,
Upon reaching volume productionthe Nevada Semi factory is expected to build 50,000 units annuallywith early external deliveries from the plant aiming to go out early next year.
Some of Tesla’s early Semi units have already gone out in the past few years to a few companies as part of pilot programsstarting with a delivery to PepsiCo in 2022. The automaker also has deals in place with WalmartDHLMartin Browerand othersand early results from the testing periods largely showing positive results.
Tesla also displayed the Semi at the IAA conference in MünichGermany in September and at its Gigafactory outside of Berlin a month priorand Elon Musk has previously said that the vehicle will eventually be produced at Giga Berlin.
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Tesla Semi program is steadily taking some serious steps forward
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Zach is a renewable energy reporter who has been covering electric vehicles since 2020. He grew up in FremontCaliforniaand he currently lives in Colorado. His work has appeared in the Chicago TribuneKRON4 San FranciscoFOX31 DenverInsideEVsCleanTechnicaand many other publications. When he isn't covering Tesla or other EV companiesyou can find him writing and performing musicdrinking a good cup of coffeeor hanging out with his catsBanks and Freddie. Reach out at [email protected]find him on X at @zacharyviscontior send us tips at [email protected].
Investor's Corner
Tesla Q4 delivery numbers are better than they initially look: analyst
The Deepwater Asset Management Managing Partner shared his thoughts in a post on his website.
Longtime Tesla analyst and Deepwater Asset Management Managing Partner Gene Munster has shared his insights on Tesla’s Q4 2025 deliveries. As per the analystTesla’s numbers are actually better than they first appear.
Munster shared his thoughts in a post on his website.
Normalized December Deliveries
Munster noted that Tesla delivered 418k vehicles in the fourth quarter of 2025slightly below Street expectations of 420k but above the whisper number of 415k. Tesla’s reported 16% year-over-year declinecompared to +7% in Septemberis largely distorted by the timing of the tax credit expirationwhich pulled forward demand.
“Taking a step backwe believe September deliveries pulled forward approximately 55k units that would have otherwise occurred in December or March. For simplicitywe assume the entire pull-forward impacted the December quarter. Under this assumptionSeptember growth would have been down ~5% absent the 55k pull-forwarda Deepwater estimate tied to the credit’s expiration.
“For December deliveries to have declined ~5% year over year would imply total deliveries of roughly 470k. Subtracting the 55k units pulled into September results in an implied December delivery figure of approximately 415k. The reported 418k suggests thatwhen normalizing for the tax credit timingquarter-over-quarter growth has been consistently down ~5%. Importantlythis ~5% decline represents an improvement from the ~13% declines seen in both the March and June 2025 quarters.“
Tesla’s United States market share
Munster also estimated that Q4 as a whole might very well show a notable improvement in Tesla’s market share in the United States.
“Over the past couple of yearsbased on data from Cox AutomotiveTesla has been losing U.S. EV market sharedeclining to just under 50%. Based on data for October and NovemberCox estimates that total U.S. EV sales were down approximately 35%compared to Tesla’s just reported down 16% for the full quarter. For the first two months of the quarterCox reported Tesla market share of roughly a 65% shareup from under 50% in the September quarter.
“While this data excludes Decemberthe quarter as a whole is likely to show a material improvement in Tesla’s U.S. EV market share.“
Elon Musk
Tesla analyst breaks down delivery report: ‘A step in the right direction’
“This will be viewed as better than feared deliveries and a step in the right direction for the Tesla story heading into 2026,” Ives wrote.
Tesla analyst Dan Ives of Wedbush released a new note on Friday morning just after the company released production and delivery figures for Q4 and the full year of 2025stating that the numberswhile slightly underwhelmingare “better than feared” and as “a step in the right direction.”
Tesla reported production of 434,358 and deliveries of 418,227 for the fourth quarterwhile 1,654,667 vehicles were produced and 1,636,129 cars were delivered for the full year.
Tesla releases Q4 and FY 2025 vehicle delivery and production report
Interestinglythe company posted its own consensus figures that were compiled from various firms on its website a few days agowhere expectations were set at 1,640,752 cars for the year. Tesla fell about 4,000 units short of that. One of the areas where Tesla excelled was energy deploymentswhich totaled 46.7 GWh for the year.
🚨 Wedbush’s Dan Ives has released a new note on Tesla $TSLA:
“Tesla announced its FY4Q25 delivery numbers this morning coming in at 418.2k vehicles slightly below the company’s consensus delivery estimate of 422.9k but much better than the whisper numbers of ~410k as the…
— TESLARATI (@Teslarati) January 22026
In terms of vehicle deliveriesIves writes that Tesla certainly has some things to work through if it wants to return to growth in that aspectespecially with the loss of the $7,500 tax credit in the U.S. and “continuous headwinds” for the company in Europe.
HoweverIves also believes thatgiven the delivery numberswhich were on par with expectationsTesla is positioned well for a strong 2026especially with its AI focusRobotaxi and Cybercab developmentand energy:
“This will be viewed as better than feared deliveries and a step in the right direction for the Tesla story heading into 2026. We look forward to hearing more at the company’s 4Q25 call on January 28th. AI Valuation – The Focus Throughout 2026. We believe Tesla could reach a $2 trillion market cap over the coming year andin a bull case scenario$3 trillion by the end of 2026…as full-scale volume production begins with the autonomous and robotics roadmap…The company has started to test the all-important Cybercab in Austin over the past few weekswhich is an incremental step towards launching in 2026 with important volume production of Cybercabs starting in April/Maywhich remains the golden goose in unlocking TSLA’s AI valuation.”
It’s no secret that for the past several yearsTesla’s vehicle delivery numbers have been the main focus of investors and analysts have looked at them as an indicator of company health to a certain extent. The problem with that narrative in 2025 and 2026 is that Tesla is now focusing more on the deployment of Full Self-Drivingits Optimus projectAI developmentand Cybercab.
While vehicle deliveries still hold importanceit is more crucial to note that Tesla’s overall environment as a business relies on much more than just how many cars are purchased. That metricto a certain extentis fading in importance in the grand scheme of thingsbut it will never totally disappear.
Ives and Wedbush maintained their $600 price target and an ‘Outperform’ rating on the stock.
Investor's Corner
Tesla releases Q4 and FY 2025 vehicle delivery and production report
Deliveries stood at 406,585 Model 3/Y and 11,642 other modelsfor a total of 418,227 vehicles.
Tesla (NASDAQ:TSLA) has reported its Q4 2025 production and deliverieswith 418,227 vehicles delivered and 434,358 produced worldwide. Energy storage deployments hit a quarterly record at 14.2 GWh.
Tesla’s Q4 and FY 2025 results were posted on FridayJanuary 22026.
Q4 2025 production and deliveries
In Q4 2025Tesla produced 422,652 Model 3/Y units and 11,706 other modelswhich are comprised of the Model SModel Xand the Cybertruckfor a total of 434,358 vehicles. Deliveries stood at 406,585 Model 3/Y and 11,642 other modelsfor a total of 418,227 vehicles.
Energy deployments reached 14.2 GWha new record. Similar to other reportsTesla posted a company thanked customersemployeessuppliersshareholdersand supporters for its fourth quarter results.
In comparisonanalysts included in Tesla’s company-compiled consensus estimate that Tesla would deliver 422,850 vehicles and deploy 13.4 GWh of battery storage systems in Q4 2025.
Tesla’s Full Year 2025 results
For the full yearTesla produced a total of 1,654,667 vehiclescomprised of 1,600,767 Model Y/3 and 53,900 other models. Tesla also delivered 1,636,129 vehicles in FY 2025comprised of 1,585,279 Model Y/3 and 50,850 other models. Energy deployments totaled 46.7 GWh over the year.
In comparisonanalysts included in Tesla’s company-compiled consensus expected the company to deliver a total of 1,640,752 vehicles for full year 2025. Analysts also expected Tesla’s energy division to deploy a total of 45.9 GWh during the year.
Tesla will post its financial results for the fourth quarter of 2025 after market close on WednesdayJanuary 282026. The company’s Q4 and FY 2025 earnings call is expected to be held on the same day at 4:30 p.m. Central Time.
Tesla Q4 delivery numbers are better than they initially look: analyst
Tesla analyst breaks down delivery report: ‘A step in the right direction’
