The tensile testing of amorphous polyethylene terephthalate is observed until failure by IR thermography and optical strain measurement. The deformation can be subdivided in six deformation phases: elastic deformation, neck formation with a localized sharp temperature rise, neck propagation, which is also known as cold-drawing, with heat generation in a transition zone, crack initialization with local heating, crack growth, and rupture. These deformation phases are showing different mechanical and thermal reactions to the deformation. The initial and drawn samples are studied with differential scanning calorimetry. Alongside heating due to the dissipation of mechanical energy, latent heat due to strain-induced crystallization was detected. While the material is cold-drawn, a high dependence on the crosshead speed is found for the heat generation as well as the draw ratio, mechanical response, and morphological changes due to orientation and crystallization. For cold-drawing, a thermomechanical model is introduced, which is based on the first law of thermodynamics and reproduces the temperature distribution along the sample.