Tesla set to record heavy shipments after production surge – analysts


A Tesla Model X electric car is seen at the Brussels Motor Show, Belgium, January 9, 2020. REUTERS / François Lenoir / File Photo

Sept. 28 (Reuters) – Wall Street analysts gave optimistic estimates for Tesla’s quarterly vehicle deliveries (TSLA.O) on Tuesday, with a research group predicting it would be the best quarter for the company then even as the auto industry is grappling with an unprecedented shortage of parts.

The electric-car maker reported an unusually high wave of end-of-quarter deliveries in a memo earlier this month, when general manager Elon Musk asked employees to “get super hardcore” to offset production challenges at the beginning of the third trimester. . Read more

Analysts at Piper Sandler and RBC raised their estimates to around 233,000 vehicle deliveries for the third quarter ending Sept. 30, while Credit Suisse’s estimate was 225,000 to 230,000.

The numbers represent a jump of 65% to 67% from the previous year. Analysts expected an average of 222,700 Tesla vehicle deliveries for the third quarter on Monday, according to data from market data provider Visible Alpha.

Analysts also said the impact of the global semiconductor shortage, which has crippled many automakers around the world, may have been less on Tesla.

“Tesla seems to have been less affected by the shortage than the others (automakers),” Credit Suisse’s Dan Levy said in a report, citing its “rapid pivot” to new microcontrollers and writing its own vehicle software.

The third quarter will likely be the “strongest” on record for Tesla, said Piper Sandler’s Alexander Potter, noting the growing adoption of electric vehicles in Europe and China and Tesla’s growing market share. Potter has a five-star rating for Tesla ratings and recommendations, according to Refinitiv Eikon.

Potter also raised his forecast for annual deliveries to 894,000 from 846,000. That would almost double last year’s deliveries by 499,550.

China’s role as a source of global exports for Tesla is growing, with its Shanghai plant likely exporting around 55,000 vehicles in July-August, up from around 30,000 in the second quarter, Credit Suisse’s Levy said.

Reporting by Aniruddha Ghosh and Nivedita Balu in Bengaluru; Editing by Sachin Ravikumar and Saumyadeb Chakrabarty

Our Standards: Thomson Reuters Trust Principles.

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