Tesla, Inc. TSLA shares moved higher Monday as investors anticipate the company’s third-quarter delivery figures and the release of its robotaxi.
The Details: Tesla shares climbed nearly 5% Monday after Barclays analyst Daniel Levy said he expects Tesla deliveries to come in higher than the consensus estimate of 460,000, according to a report from Yahoo Finance.
The Barclays analyst expects Tesla to deliver about 470,000 EVs for the quarter due to an uptick in sales in China.
“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,” Levy wrote.
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Levy also expects Tesla’s long-awaited “Robotaxi Day” scheduled for Oct. 10 to boost the stock. Tesla CEO Elon Musk has hinted at the possibility of the first unsupervised Tesla robotaxi ride by the end of 2024.
“It’s difficult, obviously, my predictions on this have been overly optimistic in the past,” Musk said. “…based on the current trend… you could do [it] unsupervised possibly by the end of this year. I would be shocked if we cannot do it next year.”
Tesla’s revenue growth in FY23 was 18.8%, reflecting the influence of various factors including the macroeconomic environment, demand for its products and services, and its position relative to competitors. This growth is a critical indicator for investors assessing the company’s future prospects.
Some macro factors that could impact the company’s performance in the next year include higher interest rates, progress on reeling in inflation and labor market strength. The Fed’s benchmark rate is currently at 4.83%, while PPI recently came in at 0.2%, growing 1.7% from last year. The unemployment rate was most recently reported as 4.2%.
An investor should pay attention to economic conditions to decide whether they think the macro environment is positive or negative for Tesla stock. For real-time economic data and breaking market updates, check out Benzinga Pro. Try it for free.
How does this stack up against Tesla’s peers? Investors may also want to analyze a stock in comparison to companies with similar products or in similar industries.
Tesla operates in the Consumer Discretionary sector. The stock has experienced an average annual growth of -1.06% compared to the -37.76% average of its peer companies. This is below the broader sector movement of Tesla.
TSLA Price Action: According to Benzinga Pro, Tesla shares ended Monday’s session 1.22% higher at $250.
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Photo: Courtesy of Tesla, Inc.
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