Tesla, the renowned electric vehicle manufacturer, is on the verge of releasing its quarterly sales report. This highly anticipated event will provide valuable insights into the company's performance and market trends. As a college student studying business and economics, I am eager to analyze these reports and gain a deeper understanding of Tesla's position in the automotive industry.
Examining Tesla's quarterly sales figures can offer important information about consumer demand for electric vehicles, as well as the company's ability to meet production targets. By comparing these numbers to previous quarters and industry benchmarks, analysts can assess Tesla's growth trajectory and competitive advantage.
Reports second-quarter global vehicle deliveries on Tuesday with analysts expecting the total to come in under the current consensus. However, as EV demand has slowed in 2024 and AI fever dominates the market, some observers are more focused on Tesla's Q2 energy storage numbers. TSLA shares angled higher Monday.
Tesla is expected to deliver 438,019 vehicles in the June quarter, a 3.7% decline due to fierce competition in China and a consumer shift towards hybrids. Demand for Tesla’s new models has been weak, with delays in affordable electric cars adding strain. Elon Musk's focus on robotaxis has investors worried about the readiness of its autonomous tech. Sales in Europe also suffered, with a notable 36% drop in May, partly due to reduced EV subsidies and declining interest from fleet operators.
Barclays analyst Dan Levy predicted an 11% drop in second-quarter deliveries, Tesla's biggest ever. He said "a soft delivery result could turn attention back to the currently challenging fundamental environment for Tesla".
Tesla's stock has lost a quarter of its value this year, making it one of the worst performers on the S&P 500, despite Musk's forecast in April that Tesla would be able to increase sales this year. He has slashed costs including through mass layoffs that gutted Tesla's supercharging team.
China EV manufacturers, Nio (NIO), Li Auto (LI), and XPeng (XPEV) released monthly and quarterly delivery numbers Monday, with all three showing solid gains. The American depositary receipts (ADRs) of all three were higher in recent trading.
Tesla stock ranks sixth in the 35-member IBD Auto Manufacturers industry group. The stock has a 56 Composite Rating out of a best-possible 99. Shares have a 26 Relative Strength Rating and a 62 EPS Rating.
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