Tesla Q3 2024 Deliveries Report

Date: Wednesday, October 4, 2024
Ticker Symbol: TSLA

Tesla (NASDAQ:TSLA) shares dropped over 3% following the release of their Q3 2024 delivery numbers, which totaled 462,890 vehicles.

Production Overview

• Total Vehicles Produced: 469,796
  • Model 3/Y: 443,668
  • Other Models (Model S, X, Cybertruck): 26,128
• Energy Storage Products Deployed: 6.9 GWh

Analysts’ Insights

While Tesla’s delivery numbers were in line with consensus estimates, analysts at Barclays suggested that investors were expecting a more substantial surpass. Production figures slightly exceeded expectations.

Oppenheimer noted a balance between weakness in European demand and robust performance in China. Current attention is turning to Tesla’s AI Day on October 10, where advancements in robotaxis and humanoid robots are anticipated.

Analysts from Wedbush described the delivery figures as a “step in the right direction” but emphasized that stronger results were expected. They expressed confidence in Tesla reaching a full-year target of 1.8 million deliveries despite earlier challenges in the year. Further guidance is anticipated during Tesla’s Q3 earnings call on October 23.

Regarding demand, Wedbush commented, “We believe China showed relative strength this quarter but was offset by weakness in the US and Europe.” Looking ahead to Q4, the analysts remain confident in meeting full-year delivery targets, considering the tricky start to the year.

Despite a potential near-term dip in Tesla’s stock due to these delivery results, analysts hold an optimistic outlook for the company’s long-term future, particularly concerning developments in AI and autonomous vehicles.