Tesla may miss estimates for third-quarter deliveries due to planned factory shutdowns and soft demand that led the automaker to boost discounts, several Wall Street analysts warned in the run-up to the report that could come as early as Sunday. Brokerages including Barclays, Baird and Guggenheim blamed the potential weakness on downtime at the automaker's plants in Europe and China to upgrade equipment and prepare for the production of the updated Model 3 sedan and the Cybertruck. But the retooling could help power a strong fourth quarter by allowing Tesla to refresh its aging vehicle line-up with models that could compete better with offerings from U.S. rivals such as Ford and BYD in China, the brokerages said.
- Tesla may miss estimates for third-quarter deliveries due to planned factory shutdowns and soft demand that led the automaker to boost discounts, several Wall Street analysts warned in the run-up to the report that could come as early as Sunday.
They estimate Tesla will hand over between 439,200 and 455,000 vehicles in the September quarter. That is below the overall Wall Street expectation of 458,713 vehicles, according to an average of 11 analysts' estimates compiled by LSEG. "It's not just supply issues, demand signals remain weak," brokerage Guggenheim said in a note this week. "We would expect price cuts to be needed in future quarters."
"Early reviews of the refreshed Model 3 have been positive and changes in wait times suggest that demand is strong, particularly in China," Baird said. "The updates will provide a boost to demand during the challenging environment."
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