Electric-vehicle maker Rivian Automotive on Monday reported third-quarter deliveries above market expectations, as it ramped up production to meet a sustained demand for its pickup trucks and sport-utility vehicles (SUVs).
(RTTNews) - Tesla Inc. (TSLA) said Monday it produced more than 430,000 vehicles and delivered more than 435,000 vehicles in the third quarter. This is a sequential decline in volumes caused by planned downtimes for factory upgrades.
Morning Markets December E-Mini S&P 500 futures (ESZ2 3) are down -0.20%, and the Dec Nasdaq 100 E-Mini futures (NQZ2 3) are down -0.05%. Stock index futures this morning gave up overnight gains and turned lower as rising bond yields weighed on stocks. Stock index futures initially moved higher in...
Tesla missed market estimates for third-quarter deliveries on Monday as the automaker was forced to curb production due to planned factory shutdowns, sending its shares down 3.7% in trading before the bell.
Electric-vehicle maker Rivian Automotive on Monday reported third-quarter deliveries above analysts' estimates, as it ramped up production to meet a sustained demand for its pickup trucks and sport-utility vehicles (SUVs).
The NASDAQ 100 Pre-Market Indicator is up 14.39 to 14,729.63. The total Pre-Market volume is currently 99,146,687 shares traded.The following are the most active stocks for the pre-market session: ProShares UltraPro QQQ (TQQQ) is -0.04 at $35.58, with 3,920,026 shares traded. Th
In recent trading, shares of Tesla Inc (Symbol: TSLA) have crossed above the average analyst 12-month target price of $249.72, changing hands for $250.22/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuatio
U.S. new vehicle sales likely rose in the third quarter on improving supply and steady demand, but a strike by autoworkers has muddied the outlook for the "Detroit Three" for the rest of the year, analysts said.
In this week's video, I cover need-to-know news items related to Tesla (NASDAQ: TSLA) during the week of Sept. 25. Today's video will focus on Tesla's sales numbers in Europe and China, and we'll take a look at Mercedes' new Level 3 drive assistance capability and Toyota's strugg
Surging bond yields are rattling U.S. stocks, and some investors worry the richly valued shares of giant technology and growth companies may be another weak spot.
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Over the past several quarters,
Tesla
(
TSLA)
has made a habit of beating its prior delivery records, but that trend is unlikely to continue when the EV leader reports the Q3 haul shortly (probably either on Sunday night/Monday).
On the Q2 earnings call, CEO
Elon Musk already warned this time around could be different, and that is down to the fact production will take a hit in the quarter due to “summer shutdowns for a lot of factory upgrades.” When there's a drop in production, it's common for deliveries to also decrease.
Last quarter, Tesla produced 479,700 vehicles, when deliveries reached 466,140. Analysts have offered a wide range of forecasts for Q3, with the consensus estimate landing at ~461,000 deliveries. Canaccord analyst George Gianarikas expects quite a lot less, estimating ~443,000 deliveries in the quarter. While that might indicate Gianarikas has a bearish take, the opposite is true, with the analyst telling investors not to get “too hung up on the delivery number, it’s less relevant this quarter.”
That is because since the Q2 call, a refreshed Model 3 has been introduced, which Gianarikas thinks explains “much of the mystery” behind Musk’s comments. Deliveries of the new Model 3 are anticipated in China and Europe in 4Q23 and the Cybertruck should also become available shortly, most likely in Q4, too, says Gianarikas.
So, the analyst believes much of the sequential drop forecasted for Q3 is down to the introduction of new products. And these, he says, “appear to have strong underlying demand,” and will play a part in impacting Q4.
In fact, Gianarikas makes the case that “lots of good stuff is happening” at Tesla for investors to look forward to.
“With new products in 4Q23, not to mention a UAW strike with positive implications, a new giga-casting technology that could help margins, and an Optimus robot that appears to be coming alive," says the analyst, "our message is: stay focused on the medium to long term and ignore potential downside volatility in the 3Q23 delivery number.”
All told, Gianarikas reiterated a Buy rating on the stock to go alongside a $293 price target, suggesting shares will climb 17% higher in the year ahead. (To watch Gianarikas’ track record,
click here
)
Elsewhere on the Street, TSLA stock garners an additional 11 Buys, 12 Holds and 4 Sells, all coalescing to a Moderate Buy consensus rating. Going by the $273.46 average target, the shares will appreciate by 9% over the coming months.
(
See Tesla stock forecast on TipRanks)
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Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Michael Burry gained fame by betting against investments. He was featured in The Big Short book and movie for shorting the subprime mortgage market. Burry has taken highly publicized short positions on Tesla stock. Earlier this year, he bet against the S&P 500 and Nasdaq-100.
Don't think a $5,000 investment can pay off? Consider this: If you had invested $5,000 in Netflix 10 years ago, you would have more than $42,000 today. Relatively modest investments in the right stocks can pay off big time.
With Tesla (NASDAQ: TSLA) typically announcing its quarterly deliveries within the first three calendar days following each quarter's close, the electric-car maker will likely announce deliveries for its third quarter on Monday. Ahead of the release, analyst estimates for the per
Electric vehicle company Tesla (NASDAQ: TSLA) is currently sitting pretty. The company is slashing prices to take market share at a time when labor strikes threaten to push the manufacturing costs of domestic competitors like Ford and General Motors higher.
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