Tesla Inc. (TSLA)'s Model Y crossover SUV held onto its title as America's best-selling electric vehicle for 2025, even as Elon Musk's company dealt with softening demand across most of its lineup. It's a win, sure, but the kind that makes you check the fine print.

The Numbers Tell a Mixed Story

New data from Cox Automotive released Tuesday shows the Model Y moved 92,460 units during the fourth quarter, bringing full-year sales to 357,528 vehicles. That's enough to claim the crown, but sales actually dropped 4% compared to 2024. The Model Y is still the king of the hill—it's just a slightly smaller hill than last year.

Things looked rougher for the Model 3 sedan. Tesla sold just 37,260 units in Q4, a sharp 35.7% decline from the 57,928 units it moved in Q4 2024. For the full year, Model 3 sales reached 192,440 units, barely eking out a 1.3% gain over 2024's total of 189,903 units.

Here's the interesting part: Tesla's EV market share actually jumped to 58.9% in Q4, with total sales hitting 589,000 units for the year. But that increase had less to do with Tesla's momentum and more to do with legacy automakers tapping the brakes on their electric ambitions. Total EV sales across the industry declined 2% to 1,275,714 units in 2025, down from 2024's 1,301,441 units. This happened despite—or perhaps because of—major policy shifts under President Donald Trump.

GM Makes Its Move

While Tesla dominated the headlines, General Motors Co. (GM) quietly put together an impressive year. The company sold more than 150,000 EVs in 2025 across its Chevrolet, Cadillac, and GMC brands, representing a 48% year-over-year surge. That performance gave GM a 13% slice of the total U.S. EV market—a meaningful foothold that suggests the Detroit giant is finding its footing in the electric transition.

The Pickup Truck Battle

In the electric pickup segment, things got interesting. Tesla's Cybertruck sold just 4,140 units in Q4, a brutal 68.1% year-over-year decline from last year's 12,991 units. For the full year, Cybertruck sales totaled 20,237 units, down 48.1% from 2024's 38,965 units. Those are tough numbers for a vehicle that generated so much buzz.

Ford Motor Co. (F) managed to edge out the Cybertruck with its all-electric F-150 Lightning, which sold 4,273 units in the fourth quarter. Ford's numbers weren't pretty either—down 60.1% compared to 10,703 units in Q4 2024—but the Lightning still claimed the title of best-selling EV pickup truck for 2025 with 27,307 units sold for the year, down 18.5% from 33,510 units in 2024. Ford recently announced it's scrapping the current Lightning in favor of an Extended Range Electric Vehicle (EREV) version, which tells you everything about where the company thinks the market is heading.

Rivian Stumbles, Lucid Surges

The two other domestic pure-play EV makers showed diverging trajectories. Rivian Automotive Inc. (RIVN) had a rough quarter, with sales dropping 31.3% to 9,745 units in Q4 from 14,183 units a year earlier. Full-year sales came in at 42,098 units, an 18.2% decline from 51,442 vehicles in 2024.

Lucid Group Inc. (LCID), on the other hand, showed real growth momentum. The company sold 4,330 vehicles in Q4, up 55.2% year-over-year from 2,790 units. For the full year, Lucid moved 12,614 units, a 36.6% surge from 9,236 units in 2024. Both companies increased their market share, with Rivian now holding 4.2% of the market and Lucid capturing 1.8% of the EV sector.

Tesla's Product Push

Tesla recently unveiled a 7-seater version of the Model Y SUV, available only in the Premium all-wheel drive configuration for an additional $2,500. The company is also offering a new headliner with the vehicle as part of the package.

Interestingly, Tesla already offers a 6-seater layout version of the Model Y exclusively in China, marketed as the Model Y L. That variant has performed well for the company, and there are signs Tesla might be considering an expansion of the model into European markets in the near future.

Price Action: Tesla shares slipped 0.39% at market close on Tuesday to $447.20, then declined another 0.08% to $446.85 during after-hours trading.