Tesla is preparing to release its third-quarter vehicle production and delivery numbers this Wednesday, with analysts expecting around 463,310 deliveries.
This estimate, compiled by FactSet StreetAccount, reflects a 6.5% increase year over year and has fueled optimism among investors, leading to a recent rise in Tesla’s stock.
Analysts forecast that Tesla’s Q3 deliveries will primarily consist of its popular Model 3 sedans and Model Y SUVs, accounting for approximately 435,900 of the total. These projections come ahead of Tesla’s highly anticipated robotaxi event, scheduled for October 10, where the company is expected to showcase a “dedicated robotaxi,” referred to as the CyberCab. Tesla may also unveil updates on its humanoid robotics project, “Optimus,” and other AI-driven innovations during the event.
Despite delivery growth expectations, Tesla has faced challenges in the first half of 2024, with sales and revenue declining. However, strong demand in China, the world’s largest electric vehicle market, has helped offset some of the challenges in the US and Europe. Analysts remain optimistic, with some, like Barclays’ Dan Levy, predicting Tesla’s deliveries could exceed expectations and reach up to 470,000 units for the quarter.
In addition to third-quarter results, investors are closely watching Tesla’s continued developments in autonomous driving. Although Tesla has yet to deliver a fully self-driving system, competition from other companies in the autonomous vehicle space, such as Waymo and Amazon’s Zoox, is intensifying.
Tesla’s stock has risen more than 20% over the past month, driven by expectations of improved deliveries and enthusiasm surrounding the upcoming robotaxi event. As the automaker looks to end 2024 on a positive note, analysts are also eyeing the impact of the Cybertruck, which has seen increasing sales, though detailed figures have not yet been disclosed.
CNBC. Bloomberg, Yahoo Finance contributed to this report.
