Tesla Q3 Deliveries Set to Drive TSLA Stock Higher?

As Tesla Inc. (NASDAQ: TSLA) approaches the release of its third-quarter delivery figures, market anticipation is building with predictions suggesting significant upside potential for the company's stock. According to estimates, the electric vehicle giant is expected to deliver 460,000 vehicles in Q3 2024.

This marks a 6% year-over-year increase and a progression of 4% from the previous quarter's results.

There will likely be some geographical disparities in Tesla's delivery numbers, with China expected to set a new record, whilst European deliveries are predicted to be less impressive, and North America is anticipated to show flat growth. These figures are critical as they reflect the company's international market penetration and influence on its stock.

Tesla's profitability has been under scrutiny recently, particularly after Q2's gross margins dropped to 14.6%. This was largely due to price reductions for their Model Y, sparking concerns about the long-term profitability for the Texas-based firm.

Tesla's positioning in the market is bolstered by Deutsche Bank, which has rated the company as a “Top Pick” and established a price target of $295. The bank projects that the introduction of low-cost models by Tesla in 2025 will potentially alleviate pricing pressures and contribute to increased profitability.

In extended hours trading, Tesla's shares are trading at $229.41, reflecting a gain of 0.97% after a day which saw a high of $235.68 against a closing price of $227.20.

Tesla's Q3 delivery results might just be the fuel needed to propel its stock to new heights, but things can quickly turn when it comes to EV market sentiment. Profitability, and regional market performance could be key things to watch,