Tesla faces heightened expectations for its vehicle deliveries as Wall Street anticipates positive results ahead of the company’s upcoming quarterly report. Set to release its production and delivery figures for the third quarter of 2024 next week, Tesla is projected to reverse its recent trend of year-over-year delivery declines.
After delivering 435,059 vehicles in Q3 2023, which was surpassed in the last quarter despite lower overall performance, analysts believe the company can achieve this target.
Strong demand in China, fueled by a 0% interest financing offer, is contributing positively. However, concerns linger regarding weaker performance in Europe and an uncertain situation in the U.S.
Recent adjustments from several Wall Street analysts reflect optimism about Tesla’s performance. Notable increases in delivery expectations include:
- Dan Levy from Barclays: from 462,000 to 470,000 deliveries
- Tom Narayan from RBC Capital Markets: from 454,000 to 460,000 deliveries
- Ben Kallo from Baird: projecting 480,000 deliveries
- Joseph Spak from UBS: estimating 470,000 deliveries
- Alexander Potter from Piper Sandler: projecting 459,000 deliveries
The overall consensus from analysts suggests approximately 462,000 deliveries for Tesla in Q3 2024, signaling a potential return to year-over-year growth. However, this figure remains below the 485,000 vehicles needed to stay on track for Tesla’s annual goals.
Tesla initially aimed to deliver around 2 million vehicles in 2024, necessitating a total of 585,000 deliveries in the coming months to remain on pace.
While Tesla has recently incorporated energy storage deployment into its production and delivery metrics, analysts have yet to focus on this aspect, even as deployment levels have surged, contributing positively to the company’s financial performance.
