Tesla’s Deliveries in Q3 2024: Wall Street’s Consensus Expectations Barely Met, Stocks Remain Flat
Tesla’s deliveries in Q3 2024 have barely managed to keep up with Wall Street’s consensus expectations as Tesla’s stocks remain flat.
While big corporations seem to be sailing smoothly all the time, the truth is starkly different. The bigger the company, the greater the dips and rises in the stock shares, inventories, production rate, etc. Tesla is among the biggest corporations and things are no different here.
The company’s production and deliveries have been suffering for a while, but they’ve started to amp up again. Several factors play into this, but a major one is the increased production of the Cybertruck accompanied by the variety of incentives that Tesla offers its customers. Somehow, they’ve managed to assuage the fierce competition in Eastern Asia, especially China.
Tesla’s shares reflect this change of pace and production. This is great turn for the company because they have the robotaxi reveal event lined up on the 10th of October.
But all this talk would be too vague if we didn’t talk numbers. Banking on Tesla’s IR-compiled consensus estimate, Wall Street analysts have come up with a detailed report: 461,978 units of Q3 2024 delivered, among which the Model 3/Y deliveries alone add up to 433,800 units.
Moreover, Troy Teslike, an X user, prepared and shared his predictions for Tesla’s quarterly deliveries. This guy is known for his accuracy. According to Troy’s statistics, Tesla delivered a staggering 472,000 units in the recently concluded quarter of 2024. This is a big number because it is the biggest positive delta compared to Wall Street’s consensus expectations of 2021.
Very recently, Tesla disclosed its own production and delivery figures. According to the company’s statement dated October 2, 2024, 462,890 units in Q3 2024 were delivered against a production level of 469,796 units. To put things into perspective, Tesla had delivered 443,956 units in the second quarter of this year with a production level of 410,831 units.
Breaking the numbers down further, 439,975 units of Model 3/Y were delivered and 26,128 units of other models which included the Cybertruck.
For the second quarter of 2024, Tesla’s Days of Finished Goods Inventory, or the global vehicle inventory days of supply, gave the number 18. To arrive at this number, the average inventory level of 106,549 units was divided by the average daily delivery rate of 5,919.413 vehicles. A quarter is generally considered to consist of 75 days.
For the third quarter of 2024, this number increased to 18.38, with an average inventory level of 113,455 units and an average daily delivery rate of 6,171.867 vehicles.
At the time of writing this article, Tesla’s shares have decreased by 4% in pre-market trading. Until now, the stock has seen a flatline.
