In the fourth quarter of 2025, Tesla captured a commanding 59% share of the U.S. electric-vehicle market, up sharply from 41% in Q3 after federal EV tax credits expired on September 30. According to Cox Automotive estimates, Tesla delivered 138,000 vehicles in the quarter despite a modest seasonal sales decline. That volume allowed Tesla to maintain aggressive pricing—its average transaction price fell by just 3% year-over-year—while still preserving positive gross margins in its vehicle business. By contrast, legacy automakers Ford and Rivian managed only 6% and 4% EV market shares, respectively, as they contend with higher per-unit manufacturing costs and lower production volumes. General Motors fared slightly better at just over 10% of U.S. EV sales, but posted $6 billion in Q4 charges related to downscaling its U.S. EV ambitions. Cox Automotive warns that without Tesla’s scale, most competitors’ EV operations will continue to incur sizable losses until they achieve similar volumes.