Tesla is gearing up for an exciting October, marked by a series of significant events, including the eagerly anticipated release of its third-quarter vehicle deliveries. Scheduled for Wednesday, October 2, this announcement is expected to attract significant attention as analysts project that Tesla could achieve about 462,000 global deliveries for the quarter. This figure would represent a 6% increase compared to the same period last year, making it the third-highest quarterly delivery in Tesla’s history.
The backdrop of this announcement includes Tesla’s prior achievements, including Q2 2023’s record of 466,140 deliveries and the phenomenal 484,507 during Q4 2023. Analysts expect that the company will likely match these impressive figures as the year unfolds.
Recent trends indicate a robust performance for Tesla, particularly in China. The latest statistics show a 20% uptick in vehicle registrations compared to the last quarter, surpassing previous records. With year-to-date registrations in China rising by 2% compared to the same period a year ago, Tesla is clearly capitalizing on strong demand spurred by attractive financing options and government subsidies.
However, the situation in Europe has presented challenges, with year-to-date vehicle deliveries reportedly down by over 16%. Analysts from Barclays have echoed sentiments that much of Q3 strength will be derived from China, while Europe has lagged.
Analyst Outlook:
– RBC Capital’s analyst Tom Narayan recently revised his delivery estimate from 455,000 to 460,000 vehicles, maintaining an outperform rating with a price target of 224 for Tesla stock.
– Meanwhile, Piper Sandler has upped their Q3 estimate to 459,000 and raised the price target to 310, citing strong sales momentum ahead.
– On the other hand, Guggenheim Securities forecasts slightly lower deliveries at 456,000, while GLJ Research predicts a figure of 456,600, raising its projection from 449,000.
The stock market is also reacting positively, with Tesla shares having surged more than 1% recently and now trading around 257.02, well above the 50-day moving average and within striking distance of the July highs. The momentum marks recovery from a slight dip earlier in the year, with shares seeing a remarkable rebound of over 80% post-April low points.
As October progresses, Tesla’s calendar is packed with crucial milestones, including major announcements related to its much-anticipated robotaxi model and quarterly earnings report scheduled for October 16. This month will be pivotal for enforcing Tesla’s market position amid growing competition in EV technology.
With the stock ranking third within the IBD Auto Manufacturers group, Tesla boasts a Composite Rating of 71 and an impressive Relative Strength Rating of 85. Investors are keeping a close eye on developments, as Tesla continues to cement its status as a leader in the automotive sector.
Investors and market enthusiasts alike are eager to see how these next few weeks unfold, particularly how Tesla navigates the challenges and opportunities presented in the current economic environment, as well as its efforts to not only maintain but expand its market dominance.