Tesla, Inc. (NASDAQ:TSLA) is scheduled to release its third-quarter deliveries in early October and even the most bullish analysts are modeling a miss relative to consensus expectations. Investor worry is centered around will the stock that is languishing currently comes under further selling pressure.
What Happened: Piper Sandler analyst Alexander Potter on Friday cut his third-quarter deliveries estimate for Tesla from 515,000 units to 445,000 units. The 13.6% reduction was entirely due to the downtime in Tesla’s Giga Shanghai and Giga Austin plants, he said.
The analyst noted that the electric vehicle giant shuttered these plants in preparation for launching new products, namely Model 3 refresh and Cybertruck, respectively. Offering rationale for the reduction so late into the quarter, he said, “Deliveries had been surprisingly strong ...