Tesla is gearing up to announce its third-quarter delivery numbers next week, with analysts predicting record sales driven by strong demand in China. The company is expected to deliver around 461,000 vehicles according to FactSet, marking a 6% increase year-on-year. Barclays has even raised its forecast to 470,000, noting robust Chinese sales offsetting weaker performance in the US and Europe.
In China, Tesla saw a significant increase in August sales, with 86,697 vehicles sold, including 63,456 domestically. This growth trend is expected to continue in September, with potential monthly sales exceeding 63,000 units. Despite ongoing success in China, Tesla’s total deliveries in the country for the first eight months of the year have decreased slightly compared to last year.
The upcoming Robotaxi event on October 10, part of Tesla’s autonomous vehicle strategy, is set to be a key focus for investors. The company aims to roll out Full Self-Driving technology in China and Europe by early 2025 pending regulatory approval. This event could shape Tesla’s stock performance moving forward.
While Tesla shares have seen recent gains, the company remains the weakest performer among top stocks due to a slowdown in growth. Despite this, Bank of America maintains a “BUY” rating for Tesla, with a target price of $255, while UBS continues to rate the stock as a “SELL” with a target of $197. Investors will be closely watching Tesla’s delivery numbers and the impact of the upcoming Robotaxi event on the company’s future trajectory.
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