Technology
Tuesday, October 1st, 2024 5:47 pm EDT
Key Points
- Tesla’s expected delivery and production performance: Analysts predict Tesla will report approximately 463,310 vehicle deliveries for the third quarter of 2024, marking a 6.5% year-over-year increase. Despite some declines in early 2024, Tesla’s performance is driven by incentives and strong sales in China, the world’s largest EV market.
- Upcoming “We, Robot” event: Tesla’s stock has risen by over 20% in anticipation of improved deliveries and the company’s upcoming “We, Robot” event on October 10, where Tesla will unveil its “CyberCab” robotaxi design and provide updates on its humanoid robot project “Optimus.”
- Brand image challenges due to Elon Musk: Tesla’s brand favorability has declined among both liberals and conservatives, partially due to Musk’s increasingly vocal political views and social media activity, which has led to decreased interest in Tesla vehicles from certain customer segments.
Tesla is set to report its third-quarter vehicle production and delivery numbers, with analysts expecting approximately 463,310 deliveries, including 435,900 of its Model 3 sedans and Model Y SUVs. This would reflect a 6.5% year-over-year increase in deliveries, although Tesla’s growth has been slower compared to previous years. Despite ongoing declines in the first half of 2024, Tesla has employed incentives and financing plans to boost sales, particularly in China, the world’s largest EV market.
While Tesla hasn’t provided specific guidance for the full year, some estimates, like those from Wells Fargo, project 1.63 million deliveries in 2024, with third-quarter numbers slightly lower than consensus expectations. Goldman Sachs, however, predicts deliveries will meet expectations, driven by strength in the Chinese market. Tesla’s stock has surged over 20% in anticipation of this report and the upcoming “We, Robot” marketing event on October 10, where the company is expected to unveil its “CyberCab” robotaxi design and update its humanoid robot project “Optimus.”
Tesla’s EV sales and revenue have fallen in the first half of 2024, and the company has yet to deliver a fully autonomous robotaxi system, though competitors like Waymo, Pony.ai, Baidu, and Amazon-owned Zoox are making strides in this space. Tesla’s brand image has also suffered, with declining favorability among both liberal and conservative consumers, partly due to CEO Elon Musk’s outspoken political views and controversial social media activity. His vocal support for right-wing causes, including former President Donald Trump, and spreading of misinformation on X (formerly Twitter), have eroded the brand’s appeal among some potential buyers, particularly Democrats who are typically more favorable toward electric vehicles. It remains uncertain whether this brand erosion will impact Tesla’s vehicle deliveries in the future.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/10/01/tesla-q3-deliveries-expected-ahead-of-robotaxi-event.html
