Electric vehicle giant Tesla will hold its Q3 2023 Earnings Call on Wednesday as industry analysts seek new details on the automaker’s margins and ongoing projects.
Tesla’s Q3 2023 deliveries
Tesla recently reported that its EV deliveries reached 435,059 units in the third quarter of the year. It fell short of Wall Street’s forecast of 456,722 units.
Electrek indicated that Q3 2023 marked Tesla’s failure to set a new vehicle delivery record for the first time in a while.
Notably, Tesla already expected slower EV production and lower deliveries due to the factory upgrades in this period.
Year to date, Tesla’s electric car deliveries have already reached 1,324,074 units.
Tesla aims to deliver a total of 1.8 million electric vehicles this year. According to Teslarati, it must report a record-breaking delivery of 476,000 units in the fourth quarter.
Wall Street consensus
Revenue
The delivery figures significantly guide analysts in setting their expectations for Tesla’s revenue. However, Tesla’s significant price reductions have made tracking the company’s revenue more difficult.
Nonetheless, Wall Street expects Tesla to report a revenue of $24.256 billion in Q3 2023. Meanwhile, financial estimate crowdsourcing website Estimize set a higher expectation of $24.420 billion.
As Tesla expected, its performance this quarter will be weaker compared to the prior period. For reference, its revenue almost reached $25 billion in Q2 2023. Nonetheless, the analysts’ consensus still poses a notable growth from just $21.5 billion in the same period in 2022.
Earnings
The Wall Street consensus for Tesla’s 83 2023 earnings is $0.73 per share. Unsurprisingly, Estimize still indicated a higher guidance of $0.78 per share.
Notably, Tesla often reports marginal profit per quarter as it allocates most of its money to growing the business.
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Tesla’s major strategies, such as the recent price cuts for the Tesla Model S/X, the Model 3 and Y upgrades in China, the imminent arrival of the Cybertruck, FSD development, and Giga Mexico upgrades, will surely aid Tesla in reviving its delivery figures in the following quarter. In effect, it will enable higher revenue and earnings.
