Tesla is expected to report third-quarter deliveries of 461,000 vehicles, according to FactSet. This follows the company’s delivery of about 466,000 vehicles in the second quarter. In addition, Tesla recently unveiled an updated version of its Model Y in China. The stock was trading higher, rising 0.4% in premarket trading. U.S.-listed shares of Chinese EV makers NIO, XPeng, and Li Auto also experienced an uptick after reporting a combined 66,831 deliveries in September, a 116% increase from the previous year.
Shares of Rivian Automotive also saw a 3% increase to $25 after Evercore ISI upgraded the EV truck maker to Outperform from In Line with a price target of $35. Meanwhile, AMC Entertainment rose 1.6% as the movie-theater chain announced the release of a film based on Beyonce’s Renaissance World Tour. The film, titled “Renaissance: A Film by Beyonce,” will have a global release by AMC on December 1. Apple traded up 0.2% as the company revealed plans to release an iOS 17 software update to address overheating issues with the recently released iPhone 15. Earnings reports are expected this week from Constellation Brands, Lamb Weston, Conagra Brands, and Levi Strauss.
In summary, Tesla is anticipated to report strong third-quarter deliveries, while Chinese EV makers NIO, XPeng, and Li Auto also experienced a surge in deliveries. Rivian Automotive saw a stock rise after an upgrade by Evercore ISI, and AMC Entertainment announced the global release of a film based on Beyonce’s concert tour. Apple plans to address overheating issues with a software update, and upcoming earnings reports are expected from Constellation Brands, Lamb Weston, Conagra Brands, and Levi Strauss.