Tesla(US:TSLA) 光大证券研究·2026-01-04 23:04Core Viewpoint - Tesla's Q4 2025 global deliveries fell short of expectations, primarily due to the cancellation of the IRA subsidy in the U.S. and other factors [2] Group 1: Tesla Performance - In Q4 2025, Tesla's global delivery volume decreased by 15.6% year-on-year and 15.9% quarter-on-quarter, totaling 418,000 vehicles, with Model 3 and Model Y deliveries down by 13.8% year-on-year and 15.5% quarter-on-quarter to 407,000 vehicles [2] Group 2: NIO and Other New Energy Vehicles - NIO regained the top position among new energy vehicle manufacturers in December, with a delivery volume of 48,135 vehicles, representing a year-on-year increase of 54.6% and a quarter-on-quarter increase of 32.7% [3] - Ideal's delivery volume decreased by 24.4% year-on-year but increased by 33.3% quarter-on-quarter to 44,246 vehicles [3] - Xiaopeng's delivery volume increased by 2.2% year-on-year and 2.1% quarter-on-quarter to 37,508 vehicles [3] Group 3: New Year Purchase Incentives - Tesla announced that the domestic Model 3 will be delivered in February 2026, with various financing policies extended [4] - Ideal's delivery cycles for several models have been adjusted, with cash subsidies available for January purchases [4] - NIO and Xiaopeng also introduced various delivery cycle adjustments and promotional offers for their vehicles [4][5] Group 4: Policy Updates - The Ministry of Commerce and other departments released the implementation details for the 2026 vehicle trade-in subsidy, extending the policy for another year and adjusting the subsidy method [6]