Summary
- Gene Munster expects a slight miss in Tesla’s Q3 delivery results
- Most Wall Street analysts are optimistic about Tesla beating expectations
- Street estimates 465,000 vehicle deliveries, while Munster’s estimate is 452,000
- Deliveries returning to growth would be viewed positively by investors
- Tesla’s strength in China could contribute to strong Q3 results
Article
Longtime Tesla bull Gene Munster is expecting a slight miss from the electric vehicle maker’s third-quarter vehicle delivery results, but believes investors will still be satisfied as long as the company shows growth once more. Most Wall Street analysts are optimistic about Tesla beating expectations in the Q3 2024 vehicle delivery and production report, which is expected to be released around Wednesday. The Street is estimating that Tesla will deliver 465,000 vehicles in the third quarter, a 7% year-over-year increase, while Munster’s personal estimate is 452,000 vehicle deliveries, representing a 4% year-over-year growth.
Munster noted that if Tesla meets the Street’s estimates, investors would likely view it as a double positive, indicating that the company has turned things around from declines in previous quarters. He emphasized that if deliveries return to growth, it will be seen as a positive outcome for Tesla. Many Tesla bulls are optimistic about the Q3 2024 results, especially due to the company’s strength in China. According to TSLA bull Gary Black, Tesla China’s third-quarter deliveries were up 18.5% year-over-year and nearly 20% higher than Q2 2024, positioning Tesla China for its best quarter to date.
Tesla CEO Elon Musk has become more polarizing due to his political social media posts on X, but Munster believes that as long as deliveries return to growth, investors will likely view it as a positive sign for the company. The bearish sentiment towards Tesla has slightly decreased, as the Street’s estimates indicate a positive outlook for the electric car maker’s Q3 2024 vehicle delivery results. Despite the challenges faced by Tesla, such as the semiconductor shortage and supply chain issues, many analysts and investors remain optimistic about the company’s future performance.
Overall, the general consensus among analysts and investors is that Tesla is likely to see a return to growth in its third-quarter vehicle delivery results. Despite the political controversies surrounding CEO Elon Musk, the company’s strength in China and positive outlook from Wall Street analysts suggest that Tesla will meet or exceed expectations in Q3 2024. As the electric vehicle market continues to expand and evolve, Tesla’s ability to maintain growth and deliver high-quality vehicles will be a key factor in its long-term success. Investors will be closely monitoring the company’s delivery results to gauge its performance and trajectory in the electric vehicle industry.
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