The Paradox of Ledgerville

Tesla delivered 486,532 cars last quarter, about 2% fewer than a year ago, while the world's electric-car market grew: electric and hybrid models went from under 5% of new cars in 2020 to one in four in 2025. Cheaper Chinese rivals, a lost US tax credit, and a stock down 21% this year.

Tesla's deliveries fell about 2% from a year earlier even as the world's electric-car market grew: electric and hybrid models were under 5% of new cars sold worldwide in 2020 and one in four in 2025, by the International Energy Agency's count, which credits the Iran conflict and high fuel prices; Tesla faces cheaper Chinese rivals, a US tax credit that ended in September 2025, and a stock down 21% this year.

Starring

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