RBC sees Tesla missing Q2 deliveries consensus by ~4% By

RBC Capital analysts have Gold trading platform Pepperstone official websiteadjusted their Q2 delivery estimates for Tesla (NASDAQ:), forecasting a shortfall against consensus expectations.

Based on registration data and app downloads, RBC now projects Tesla will deliver 410,000 vehicles in Q2/24. This marks a 23% decline from their previous estimate of 533,000 and 4.3% below the consensus.

RBC's primary methodology relies on registration data, which points to around 411,000 deliveries. "This methodology incorporates monthly registration data from Europe (ACEA) and China (CPCA), which we believe is fairly reliable; and monthly registration data from the US (Motor Intelligence), which is less accurate," the analysts explained.

They anticipate a -2.5% quarter-over-quarter (q/q) change in the US, a +26.7% q/q increase in China, and a -19.4% q/q decline in Europe.

The secondary methodology, based on app downloads, suggests approximately 393,000 deliveries. Although historically less accurate, app downloads indicate a stronger finish for the quarter in the US and Europe.

Despite this short-term revision, RBC maintains an Outperform rating on Tesla, citing several strengths: "The push for EVs is growing globally," states the bank in its investment thesis section of the note.

Analysts add that Tesla is EV's poster child they feel there is strong demand for Tesla product even in the face of more EV competition.

Additionally, Tesla's financial advantages and potential for long-term growth in energy generation, storage, software, and AI support a positive outlook for the company, according to RBC.

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