Summary
- Tesla is expected to beat Wall Street estimates for third-quarter deliveries
- Analyst Dan Ives predicts deliveries to be in the range of 465k – 470k
- Ives believes Tesla can reach 1.8 million deliveries for the year if Q3 beats expectations
- China is highlighted as a strong market for Tesla with a nearly 20% increase in new vehicle registrations
- Wedbush maintains an ‘Outperform’ rating on Tesla stock with a $300 price target
Article
Wedbush analyst Dan Ives released a new note to investors predicting that Tesla will beat expectations for their third-quarter delivery figures. While Wall Street is estimating 462,000 units to be delivered, Ives believes the number will be slightly higher, in the range of 465k – 470k. He attributes this potential beat to a solid rebound in demand in the second half of the year, particularly in China where registrations have increased by 19.9% compared to the previous quarter.
Ives also believes that if Tesla reports a beat for Q3, the company could reach 1.8 million deliveries for the year, an impressive feat given the challenges faced in the first half of the year. He looks forward to the upcoming Robotaxi event, which is expected to provide updates on Tesla’s Full Self-Driving (FSD) technology, artificial intelligence (AI), and the company’s future growth story centered around autonomous vehicles, Robotaxis, and AI. Despite facing challenges in China and Europe, Ives remains bullish on Tesla, citing U.S. demand stabilization as a counterbalance.
In terms of market performance, Tesla has seen a two percent increase in registrations compared to the previous year. The company’s growth in China is particularly noteworthy, with 13,800 new vehicle registrations in the second-to-last week of Q3. Ives and Wedbush have maintained their ‘Outperform’ rating on the stock and set a price target of $300. The firm sees the upcoming announcement of delivery and production numbers as a key indicator of Tesla’s performance and growth trajectory.
Overall, Ives is optimistic about Tesla’s prospects for the remainder of the year, citing the company’s ability to overcome challenges and rebound in demand. He sees China as a key market for growth and anticipates further developments in autonomous driving technology through initiatives like the Robotaxi event. With U.S. demand remaining stable and positive indicators in key markets, Tesla is poised to continue its growth trajectory and deliver strong performance in the future. Investors will be eagerly awaiting the announcement of Q3 delivery figures to see if Tesla can surpass expectations once again.
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