Me at the 10/10 Tesla Robotaxi event when the Robotaxi is unveiled and Elon tells me I can order 1 pic.twitter.com/AbYbXMwOek
— Teslaconomics (@Teslaconomics) September 23, 2024
Tesla stock surged on Monday as investors eagerly await the company’s third-quarter sales figures and the unveiling of its robotaxi project. Shares of the electric vehicle maker jumped over 5%, reaching a two-month high. Analysts predict Tesla’s deliveries for the third quarter will rise 6% from last year to around 460,000 EVs.
The last time Tesla stock closed at or above $250 was on July 22, 2024, middle finger to $TSLAQ pic.twitter.com/eMG435R94a
— Teslaconomics (@Teslaconomics) September 23, 2024
However, Barclays analyst Daniel Levy forecasts an even stronger result, expecting Tesla to deliver about 470,000 EVs, representing an 8% increase from the previous year. Levy cited positive data points, particularly in China, suggesting a better-than-expected outcome. He wrote, “Given the positive data points reported thus far in the quarter, particularly in China, we believe Tesla’s sales trajectory is well understood and investors are expecting a stronger result.”
In China, 13.8k Tesla insurance registrations were reported for the week of September 16 to 22. 🇨🇳
The quarter is +19.9% QoQ, +18.5% YoY and +1.1% vs. 23Q4 the best quarter after 12 weeks. YTD is at +2.0% YoY. pic.twitter.com/d9tQQjFzXg
— Roland Pircher (@piloly) September 24, 2024
Despite facing challenges such as factory shutdowns and increased competition in China over the past year, Tesla experienced significant growth in the second quarter.
The company’s deliveries totaled nearly 440,000, surpassing analysts’ expectations, thanks to price cuts. Tesla’s stock has made a remarkable turnaround in 2024, with Monday’s gains putting it relatively flat for the year.
Tesla’s Q3 earnings preview
Massive $tsla news!!
Tesla Stock Wipes Out 2024 Losses 🚨https://t.co/C0M5esjKMp
📰 – @DowJonesAl
— Tesla Owners Silicon Valley (@teslaownersSV) September 23, 2024
Levy believes the upcoming “Robotaxi Day” will likely contribute to the stock’s upward trajectory. The company is set to unveil its driverless cabs on October 10, marking a significant milestone in the autonomous vehicle market. However, other companies have faced setbacks in their attempts to introduce autonomous taxis into city traffic.
Alphabet-owned Waymo encountered crashes and traffic violations, leading to a temporary halt of its nearly 700 driverless cars. General Motors-owned Cruise also suspended operations last year after a cab hit a pedestrian. Elon Musk, Tesla’s CEO, has expressed confidence in the company’s “Full Self-Drive” mode, tweeting, “Most people still have no idea how crushingly good Tesla FSD will get.
It will be superhuman to such a degree that it will seem strange in the future that humans drove cars, even while exhausted and drunk!”
The long-awaited robotaxi day on October 10 could demonstrate whether Tesla can shift public opinion toward the future envisioned by Musk. As the event approaches, investors and industry experts eagerly anticipate the potential impact on Tesla’s stock and the broader autonomous vehicle market.
