Tesla also scrapped its mission to “accelerate the transition to sustainable energy,” replacing it with a new goal of building “a world of amazing abundance.”

Tesla is putting the brakes on production of the Model S and Model X.

Instead, the company focused on its best-selling SUV and sedan, the Model Y, and Model 3, while sales of the Model S and X dwindled. When reporting sales, Tesla lumps all of its premium models together in the "other models" category, and in the last quarter of 2025, it sold only 11,642 of these, a 51 percent year-over-year decrease.

The company’s chief executive, Elon Musk, said this week that it would stop making the car, an electric pioneer in 2012, as well as the Model X.

"It’s time to bring the Model S and X programs to an end with an honorable discharge," Musk said, adding that Tesla intends to "basically stop production" of the vehicles next quarter.