By Asmita - Oct 04, 2024
Tesla reported 462,890 total deliveries for Q3, slightly below Wall Street’s expectations, impacting its stock. Despite falling short of the target needed for 2024 growth, Tesla's production numbers were strong. Analysts had mixed predictions but noted the need for Tesla to demonstrate strong demand. The upcoming robotaxi event and Q3 earnings report will be crucial for Tesla’s future stock performance. Amidst increasing competition in the EV market, Tesla's brand loyalty, software updates, and energy business growth are seen as advantages. The focus is now on Tesla's Q3 earnings report for insights into profitability and guidance, as the company remains a key player in the EV industry's transition towards sustainable energy and transportation.
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Tesla’s stock took a hit after reporting 462,890 total deliveries for the third quarter, falling just shy of Wall Street’s expectations of 463,000 deliveries. This marks a 6% increase from the same quarter last year, but it’s still short of the 485,000 deliveries needed to stay on track for overall delivery growth in 2024. Despite this, Tesla’s production numbers were strong, with 469,796 vehicles produced between July and September. The company’s energy storage deployment also showed promise, with 6.9 GWh of energy storage capacity deployed in Q3 2024.
Analysts had mixed predictions, with some expecting higher numbers, like Troy Teslike’s estimate of 472,000 total deliveries. Others, like Guggenheim Securities analyst Ron Jewsikow, forecasted 456,000 deliveries. Wedbush Securities analyst Dan Ives called the delivery numbers “solid,” but noted that Tesla needs to “show investors that demand is still robust.” Tesla’s stock has been climbing back in 2024 and is now up 4% on the year. The upcoming robotaxi event on October 10 and Q3 earnings report will be crucial in determining the stock’s future performance.
Tesla faces increasing competition in the EV market, with traditional automakers like Ford and General Motors gaining ground. However, Tesla’s brand loyalty and software updates remain major advantages. The company’s energy business is also growing, with solar and energy storage deployments on the rise. Tesla’s Full Self-Driving (FSD) technology is another key area to watch, with regulatory approvals and consumer adoption crucial for its success. As the EV market continues to evolve, Tesla must stay ahead of the curve to maintain its market share.
Looking ahead, Tesla’s Q3 earnings report will provide valuable insights into the company’s profitability and guidance. Investors will be watching closely for updates on production costs, demand trends, and FSD adoption. With a market capitalization of over $1 trillion, Tesla remains a bellwether for the EV industry. While the Q3 delivery numbers were mixed, Tesla’s long-term prospects remain strong. As the world shifts towards sustainable energy and transportation, Tesla is well-positioned to lead the charge. Investors should keep a close eye on upcoming events and announcements to gauge the company’s future trajectory.
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