As the electric vehicle (EV) industry continues to evolve, all eyes are on Tesla’s upcoming Q3 2023 delivery and production report. In a recent development, Tesla’s Investor Relations team has shared a compiled analyst consensus for the company’s Q3 2023 vehicle deliveries, shedding light on what investors can expect in the coming weeks.
According to the EV giant, the current consensus for Tesla’s third-quarter vehicle deliveries stands at an impressive 455,000 vehicles. This figure, compiled by Tesla’s Investor Relations team, provides a crucial benchmark for assessing the company’s performance during this period.
These numbers came to light through Wall Street veteran and well-known Tesla enthusiast, Gary Black. Notably, Black currently holds a delivery estimate of 445,000 vehicles for the electric car manufacturer. Interestingly, Tesla’s internally compiled consensus figure falls slightly below Bloomberg’s Q3 consensus estimate, which lists deliveries at 457,000 units.
Martin Viecha, Tesla’s VP of Investor Relations, explained that the company’s delivery consensus is sourced from multiple reputable firms. This comprehensive approach includes input from firms such as Baird, Barclays, Bernstein, Bank of America, Canaccord, Citibank, Cowen, Daiwa, Deutsche Bank, Evercore ISI, Exane BNP, Goldman Sachs, Guggenheim, Jefferies, Mizuho, Morgan Stanley, New Street Research, Oppenheimer, Piper Sandler, RBC, Truist, Tudor, UBS, Wedbush, and Wolfe. The inclusion of insights from these well-regarded institutions underscores the robustness of Tesla’s consensus data.
As of now, Tesla has not officially announced the release date for its Q3 2023 delivery and production report. However, based on the historical release schedule, many anticipate that Tesla’s Q3 2023 delivery results will likely be unveiled on Monday, October 2.
While the consensus figures provide valuable insights, it’s important to consider potential challenges that Tesla may face in meeting or exceeding these expectations. Elon Musk, Tesla’s CEO, had previously mentioned factors that could impact production in Q3. The release of the Model 3 Highland and ongoing transitions at Gigafactory Shanghai resulted in some production disruptions. Furthermore, Elon Musk had announced factory upgrades during the Q2 2023 earnings call, which might have affected production numbers for the third quarter.
Despite these challenges, analysts remain optimistic about Tesla’s ability to meet or exceed consensus expectations. The company has a strong track record of beating analyst estimates, and its vehicles are in high demand globally. Additionally, Tesla is expanding its production capacity rapidly, with new Gigafactories in Texas and Berlin expected to come online in the coming months.
Analysts anticipate that the market’s reaction to Tesla’s Q3 2023 performance will be closely watched. While analysts may be forgiving of slight misses on delivery figures, the volatile nature of Tesla’s stock means that significant deviations from the 455,000 expected by Wall Street or the 457,000 expected by Bloomberg could lead to notable fluctuations in TSLA stock prices. China is Tesla’s largest market, and the company has faced some challenges there in recent months, including COVID-19 lockdowns and supply chain disruptions. Tesla’s ability to maintain strong sales in China will also be extremely crucial to its overall performance in Q3.
As the EV industry continues to expand and evolve, Tesla’s performance remains a key indicator of the sector’s overall health and trajectory.