Tesla (NASDAQ: TSLA) IR's Q3 2023 delivery consensus is 455,000 units. While the company may deliver a pleasant surprise, we should not forget that Elon Musk warned of a decline in productivity in Q3 due to production shutdowns for modernization.
Tesla's Q3 2023 production and delivery figures will be released in the coming days as today is the last day of the quarter. Although Wall Street analysts have lowered their forecasts, their expectations are still quite high. Tesla's investor relations team shared a summary of analyst consensus. The current consensus for Tesla's third-quarter numbers is 455,000 vehicles.
Tesla VP Investor Relations Martin Viecha said the company-compiled delivery consensus is sourced from Baird, Barclays, Bernstein, Bank of America, Canaccord, Citibank, Cowen, Daiwa, Deutsche Bank, Evercore ISI, Exane BNP, Goldman Sachs, Guggenheim, Jefferies, Mizuho, Morgan Stanley, New Street Research, Oppenheimer, Piper Sandler, RBC, Truist, Tudor, UBS, Wedbush, and Wolfe.
Delivery figures for Q3 indeed may be lower than expected. However, during the Q2 2023 Earnings Call, Elon Musk warned about this. He said that in Q3 the company planned to stop production at several of its factories in order to modernize them. Specifically, the Fremont and Giga Shanghai factories were upgraded to produce the updated Model 3. Additionally, the Model Y production line at Giga Texas was shut down for some time. All of this could have a more significant impact on production and delivery performance. However, some analysts noted that the factory stoppage lasted shorter than they expected, which could be a positive sign.
“We continue to target 1.8 million vehicle deliveries this year, although we expect that Q3 production will be a little bit down because we’ve got some shutdowns to for — a lot of factory upgrades. So, just probably a slight decrease in production in Q3 for sorting out global factory upgrades,” Musk said.
© 2023, Eva Fox | Tesmanian. All rights reserved.
We appreciate your readership! Please share your thoughts in the comment section below.
Legal Disclaimer --
This article is for informational purposes only. You should not construe any such information or other material as an investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by Eva Fox, Tesmanian, or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.
About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.