Tesla Q2 2024 Delivery Preview Show Improvement from First Quarter

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1) Teslarati reported that as per Barclays’ analysts, Tesla’s deliveries Q2 will likely be around 415,000 units. While this represents an improvement over the 386,810 vehicles that Tesla delivered in Q1 2024, the analysts noted that the number is still significantly lower than the consensus estimate of 444,000 units.

2) Barclays has adopted a cautious stance on Tesla over the EV maker’s potential results this Q2 2024. In line with their outlook, Barclays analysts have maintained an “Equal-Weight” rating and a price target of $180 per share for TSLA stock.

3) Based on AJ's estimation, Tesla Q2 2024 Delivery is 421,000 which is +8.9% QoQ and -9.7% YoY. AJ has also presented an estimation of Tesla Q2 Key Earnings figures. See screenshot of the summary.

My Take: Tesla is going to announce the Q2 2024 global delivery data on 2 July and the earnings a month later. Despite the weak demand in EV globally, this delivery figure is considered good compared to other EV makers. Skeptics and haters will likely focus on the negative, so do read the whole content of the report - not just the headline. I'll also brush aside the consensus estimate also known as "analyst expectation".

As for the stock performance, expect volatility when the earnings report is released. I am not worried because the fundamentals of the company have not changed. The share price, which can go both ways is a reflection of retail investors short term concern, is not related to the earnings. Some analyst ratings and target prices are also taking a "cautious and short term" perspective, and have not factored in the long term benefits brought by the upgraded FSD (Full Self Drive) V12 and Robotaxi. Hence it really depends on what you want to believe.

2. HSBC cuts target price on BYD: A-Share to RMB 302 due to weaker net profit estimate