Tesla Inc (NASDAQ:TSLA) reported strong third-quarter deliveries that beat analyst estimates, but a new report shows one of its electric vehicles has seen demand fall significantly.

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What Happened: Tesla is seeing a rebound in demand in many parts of the world, including China, and the company helped its home country, the U.S., set several records in the third quarter.

U.S. electric vehicle sales hit a new record of 438,487 units in the third quarter, according to a report from Cox Automotive. Sales were up 29.6% year-over-year and up 40.7% quarter-over-quarter. The new total beat a previous record set in the fourth quarter of 2024 by 20%.

U.S. EV new sales made up 10.5% of all new vehicle sales in the third quarter, hitting a record share in the quarter.

The strong demand came as the expiration of the Federal EV tax credit loomed on Sept. 30.

Among the segments that saw strong growth in the third quarter were electric pickup trucks, with General Motors Company (NYSE:GM), Ford Motor Co (NYSE:F) and Rivian Automotive (NASDAQ:RIVN) seeing strong year-over-year gains. Tesla, on the other hand, not so much.

Here were some of the top-selling electric pickup trucks in the third quarter:

• F-150 Lightning (Ford): 10,005 units, +39.7% year-over-year
• Cybertruck (Tesla): 5,385 units, -62.6% year-over-year
• Silverado (Chevrolet): 3,940 units, +97.5% year-over-year
• Sierra (GMC): 3,374 units, +771.8% year-over-year
• R1T (Rivian): 2,378 units, +13.1% year-over-year

Of the major electric pickup trucks, Tesla's Cybertruck was the only one to see a decline in sales in the third quarter.

Read Also: Here’s How Many Vehicles Tesla Has Delivered, Produced In Each Quarter Since 2019

Why It's Important: Tesla had unit sales of 179,525 in the U.S. in the third quarter, according to the report. This marked a 7.5% year-over-year gain.

Tesla vehicle sales are down 4.3% year-over-year year-to-date in 2025, with the company having a market share of 43.2% in the U.S. for 2025.

Other Tesla models saw strong growth in the quarter with the Model Y up 29% year-over-year at 114,897 units. The Model X also gained 7.6% in sales in the quarter with 3,592 units sold in the country. The Model 3 saw declines with 53,857 units, marking a 7.8% year-over-year drop.

The Cybertruck was a big bet from Tesla and CEO Elon Musk once suggested that annual production capacity could hit 250,000. The vehicle is now on pace to sell 20,000 to 25,000 units in the U.S. a year, with several other international markets recently launching sales of the vehicle.

This marks a big decline from Musk's original vision for the Cybertruck.

Strong pickup truck sales for other companies helped Tesla rivals have higher growth rates for U.S. electric vehicles in the third quarter, as shown below:

• Chevrolet: +95.7% year-over-year
• GMC: +83.7% year-over-year
• Rivian: +31.8% year-over-year
• Ford: +30.2% year-over-year

Along with strong pickup truck sales, General Motors is also seeing a big boost for the Chevrolet Equinox, which had sales of 25,085 units in the quarter, up 156.7% year-over-year.

The big test going forward will be how much momentum the other electric pickup truck brands can maintain with the expiration of the Federal EV tax credit.

TSLA Price Action: Tesla stock closed Monday up 5.42% to $435.90 versus a 52-week trading range of $212.11 to $488.54. Tesla stock is up 7.94% year-to-date in 2025.

Read Next:

• Tesla Cybertruck Underperformed In The US: Will The International Launch Be Different?

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