Analysts at RBC Capital revised their delivery forecasts for Tesla (NASDAQ:) in the second quarter, predicting that deliveries will be lower than the market average forecast.
Based on vehicle registration data and mobile app download figures, RBC now estimates that Tesla will deliver 410,000 vehicles in the second quarter of 2024. This is a 23% drop from the estimate previous forecast of 533,000 and 4.3% lower than the average market forecast.
RBC’s primary forecasting method uses vehicle registration data, which suggests approximately 411,000 deliveries. “We base our method on monthly vehicle registration figures in Europe (ACEA) and China (CPCA), which we consider to be quite reliable, and on monthly vehicle registration figures in the United States (Motor Intelligence ), which tend to be less precise,” the analysts said.
They expect a -2.5% change in US shipments from the previous quarter, a +26.7% increase in China shipments from the previous quarter, and a decrease of – 19.4% of deliveries in Europe compared to the previous quarter.
Their other method, looking at mobile app download data, shows around 393,000 deliveries. Although this method is generally less accurate, it shows a stronger quarter end in the United States and Europe.
Despite these revised near-term projections, RBC continues to recommend Tesla stock as a solid investment, noting several positive factors: “Global demand for electric vehicles is increasing,” the bank says in the rationale section of its report. of investment.
Analysts also mention that Tesla is an example to follow in the electric vehicle sector and they believe that there is strong demand for Tesla’s products, even as competition increases in the electric vehicle market.
Additionally, they point to Tesla’s monetary benefits and potential for sustained growth in power generation, storage, software development and artificial intelligence as reasons to look favorably to the future. of the company.
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