Tesla reported its Q3 delivery numbers, which fell below expectations. The company produced 430,488 vehicles and delivered 435,059 units, missing the estimated figure of 455,000. Model 3/Y deliveries came in at 419,100, and Model S/X units came in at 16,000. The company attributed the lackluster performance to downtime in its Shanghai and Austin facilities for factory upgrades. Analyst Daniel Ives suggests that the delivery shortfall could be included in the Q4 figures and sees Tesla entering a new stage of growth with upcoming model launches. Despite the disappointment, Tesla still aims to deliver 1.8 million units this year.
Ives, who maintains an Outperform rating on Tesla, believes the company is set for growth, particularly with the Model 3 refresh in China and the beginning of Cybertruck production. However, Tesla needs a strong showing in Q4 to meet its delivery target. The stock currently has a Moderate Buy consensus rating, with 12 Buy, 13 Hold, and 4 Sell recommendations. The average price target suggests a modest 2.6% growth. Investors have mixed opinions on the company but are hopeful for the future.
In conclusion, Tesla fell short of delivery expectations in Q3, citing factory upgrades as the reason for the underperformance. Analysts believe that the missed units could be included in Q4 figures and anticipate a new phase of growth for the company. Despite the disappointment, Tesla maintains its full-year delivery outlook. Investors have mixed opinions on the stock, but there is optimism for future performance.
