Tesla Q3 2024 Deliveries Slightly Surpass Wall Street Estimates Amid Rising Inventories

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.