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Tesla (NASDAQ:TSLA) reported 384,122 vehicle deliveries for Q2, which was a better mark than some analysts feared, but still down 14% from last year’s deliveries total. Of note, Tesla (NASDAQ:TSLA) also reported a year-over-year deliveries decline in Q1 amid the Model Y factory changeover and some brand reputation hits from Elon Musk’s political commentary.
Deepwater Asset Management Gene Munster said the deliveries report was better than feared. Looking ahead, Munster forecasts a 10% decline in deliveries for Q3 and flat deliveries growth in Q4. “If deliveries hold steady over the next couple of years and the company makes measurable progress on Robotaxi and FSD, the stock should respond positively,” he highlighted.
Wedbush Securities analyst Dan Ives pointed to the rebound in China after significant weakness in previous quarters due to the rising competitive landscape across EVs. “If Musk continues to lead and remain in the driver’s seat, we believe Tesla is on a path to an accelerated growth path over the coming years, with deliveries expected to ramp in the back-half of 2025 following the Model Y refresh cycle,” he wrote.
Wells Fargo was less impressed with the deliveries update. Analyst Colin Langan said the firm expects challenges for the Austin-based company from the pending Model 2.5 release and cannibalization of the Model Y. He also noted that Tesla (TSLA) relied heavily on financing promotions and new incentives in Q2, in a strategy that could impact automotive margins.
Shares of Tesla (TSLA) were up 5.0% at 1:30 p.m. The EV stock is down about 6.5% over the last six weeks.