Tesla Likely to Report Lower-Than-Expected Deliveries in Q3 Due to Factory Downtime, Wedbush Securities Says
Tesla (TSLA) is likely to report lower Q3 deliveries than previously expected due to the impact of factory downtime, with more downtime likely to come next year, Wedbush Securities said in a note on Friday. The electric vehicle maker is now anticipated to report Q3 deliveries of 440,000 to 445,000 vehicles, down from the previously expected 460,000 to 465,000 vehicles, the investment firm said. Tesla, however, should still see a strong end to the year after a relatively strong China quarter stemming from rising demand, price cuts, and a Model 3 refresh, the investment firm said. Wedbush Securities reiterated an outperform rating, with a price target of $350.