“TSLA FY25 deliveries could potentially decline YoY, creating an attractive entry point to our preferred embodied AI name — Tesla's softer auto deliveries are emblematic of a company in the transition from an automotive 'pure play' to a highly diversified play on AI and robotics.”

Adam JonasWall Street

Head of Global Auto & Shared Mobility Research, Morgan Stanley

Tesla delivered about 1.64 million vehicles in 2025, down 8.6% from 1.79 million in 2024 — a second consecutive annual decline, as Jonas anticipated.