Tesla, Inc..'s TSLA The third-quarter deliveries report, which will likely be released before the market opens on Tuesday, has generated a lot of buzz as analysts see the electric vehicle maker turning things around.
The expectations: Tesla will likely report a higher delivery pace in the third quarter after reporting a year-over-year sales decline in the past two quarters, the managing partner of Future Fund LLC said. Gary Black. Deliveries fell 9% in the first quarter and 5% in the second quarter.
Black also shared a screenshot of the company-compiled consensus sent by Tesla's Head of Investor Relations. Travis Axelrodwhich placed the magic figure at 461,978 units. If the company meets the consensus, it will report year-over-year and quarterly growth of 6.19% and 4.06%, respectively.
Tesla's trusty number cruncher that goes by the name X @Troyteslike estimates deliveries of 472,000 units for the quarter. The breakdown of their estimates by model shows sales of 461,931 Model 3/Y and 24,539 other electric vehicles (Model X, Y, Tesla Semi and Cybertruck). Its production model will be 486,470 units.
Black said @Troyteslike's Q3 estimates mark the biggest positive change from consensus since 2021.
Why it is important: A big pace in deliveries could change the narrative around Tesla stock and lead to a reversal of the two-year trajectory of negative earnings revisions, Black said. Tesla stock went through a prolonged dry spell after hitting an all-time high in late 2021.
The stock has gained momentum in recent sessions as investors eye solid deliveries for the third quarter. Tesla's fairly strong performance in China, one of its key markets, has given rise to hopes that the number could be strong this time.
Tesla ended Tuesday's session down 1.38% at $258.02, according to Data from Benzinga Pro, as it walked alongside the broader market that swooned following worsening geopolitical tensions in the Middle East, Hurricane Helene hitting the southeastern states, and the dockworkers' strike.
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