SK Hynix Prices Record U.S. ADR Offering at $149 After $200 Billion Investor Demand 
Trump Administration Launches AI Cybersecurity Partnership to Protect Critical Infrastructure 
Wolfspeed Sues Navitas Over GaN and SiC Patent Infringement 
Samsung Chairman Lee Jae-yong Expected to Meet Nvidia CEO Jensen Huang on AI and Chip Partnership 
OpenAI Executive Fidji Simo to Step Down Amid Health Challenges Ahead of IPO 
Nvidia Invests $500M in Firmus Technologies Ahead of Planned ASX IPO 
TSMC Q2 Revenue Surges 36% as AI Chip Demand Powers Growth Ahead of Earnings 
Zhipu AI Raises HK$31.37 Billion in Discounted Share Sale to Accelerate AI Growth 
Alibaba Stock Jumps as China Approves Apple Intelligence Powered by Qwen AI 
Apple Tests China's CXMT Memory Chips as DRAM Maker Gains Global Market Share 
ASML Raises 2026 Outlook as AI Chip Demand Lifts Q2 Earnings 
SK Hynix Stock Soars as AI Memory Demand Outlook Fuels Chip Rally 
Elon Musk Says Anthropic Leads AI Race as Claude Models Challenge OpenAI 
Nvidia Tightens AI Chip Sales in Asia With Stricter Customer Approval Process 
SK Hynix Soars 13% in Nasdaq Debut After Record $26.5 Billion IPO 
Apple Sues OpenAI, Former Employees Over Alleged Trade Secret Theft 
DeepSeek Eyes China IPO as AI Startup Seeks $71 Billion Valuation in New Funding Round 
Tesla delivered 462,890 vehicles in Q3 2024, narrowly beating Wall Street’s estimate of 461,978 units. The company's inventory levels rose slightly, reaching 113,455 units. Despite positive delivery numbers, Tesla shares dipped 4% in pre-market trading, with investors anticipating the upcoming robotaxi reveal.
Tesla Prepares for Share Rally as Q3 Deliveries Beat Expectations Ahead of October Robotaxi Reveal
Tesla continues to see growth in its deliveries, bolstered by the ramp-up of Cybertruck production and strategic demand-stoking incentives that have helped counter the increasing competition in China. According to Wccftech, this momentum sets the stage for a potential rally in Tesla shares, particularly ahead of the highly anticipated robotaxi reveal event scheduled for October 10, 2024.
According to Tesla’s investor relations-compiled consensus, Wall Street analysts had estimated that Tesla would deliver 461,978 units in Q3 2024, with the Model 3/Y commanding most of those deliveries at a consensus estimate of 433,800. Meanwhile, well-known Tesla delivery forecaster Troy Teslike projected an even higher delivery figure of 472,000 units for the quarter, representing the most significant positive delta compared to Wall Street expectations since 2021.
Tesla Surpasses Q3 Delivery Estimates but Faces Rising Inventories and a 4% Stock Dip
Tesla reported delivering 462,890 vehicles in Q3 2024, slightly surpassing Wall Street’s expectations but falling short of Teslike’s forecast. The company also disclosed a production figure of 469,796 units for the quarter. By comparison, Tesla delivered 443,956 units in Q2 2024 while producing 410,831 units.
Breaking down the numbers, Tesla delivered 439,975 Model 3/Y units, with 26,128 units from other models, including the Cybertruck.
Tesla's Days of Finished Goods (FG) Inventory, a measure of global vehicle inventory days of supply, stood at 18 days at the end of Q2 2024, with an inventory level of 106,549 units and an average daily delivery rate of 5,919 vehicles. For Q3 2024, this metric has risen slightly to 18.38 days, reflecting an inventory level of 113,455 units and an average daily delivery rate of 6,172 vehicles.
Despite the substantial delivery numbers, Tesla shares have dipped 4% in pre-market trading, remaining essentially flat year-to-date. Investors will closely watch the upcoming robotaxi event and Tesla's ability to maintain its growth trajectory in the face of rising competition.
