Tesla ( TSLA ) will have to deliver as Wall Street raises expectations for the automaker's electric vehicle deliveries ahead of next week's results.
Tesla is expected to release its production and delivery results for the third quarter of 2024 next week.
After two consecutive quarters in which Tesla saw year-over-year declines in deliveries, the automaker is finally expected to return to growth.
It shouldn't be too hard to do, when you consider that Tesla delivered 435,059 vehicles in Q3 2023 – a number it beat last quarter, which was a weak quarter.
As we previously reported, Tesla is seeing strong performance in China thanks to the introduction of 0% interest financing.
The question is whether China's performance will compensate for Europe's underperformance and the US situation, which is less clear.
Wall Street believes it has the answer.
Several Wall Street analysts recently raised their expectations for Tesla's delivery:
- Dan Levy of Barclays: from 462,000 to 470,000 deliveries
- Tom Narayan from RBC Capital Markets: from 454,000 to 460,000 deliveries
- Ben Kallo of Baird: 480,000 deliveries
- Joseph Spak from UBS: 470,000 deliveries
- Alexander Potter from Piper Sandler: 459,000 deliveries
Overall, consensus settles about 462,000 deliveries of Tesla in Q3 2024, according to Bloomberg.
This should return Tesla well to year-over-year growth. However, it is still well short of the 485,000 vehicles that need to be delivered to keep pace and not drop year-on-year in deliveries throughout the year.
Although it has not been repeated or changed for a year, Tesla initially aimed to deliver about 2 million vehicles by 2024. The automaker will need to deliver 585,000 vehicles to meet its first annual goal.
Tesla also recently added energy storage shipments to its production and delivery numbers after the quarter. However, it doesn't look like analysts are still focused on this despite the recent increase in distributions playing a major role in Tesla's overall financial performance.
Do you think Tesla will deliver at or below 462,000? Let us know in the comment section below.
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