Tesla Stock Rises 5% Ahead of Q3 Deliveries and Robotaxi Event

Tesla's stock experienced a significant rise of 5% on September 23, 2024, reaching its highest level in two months. This increase was fueled by investor optimism ahead of three key events in October: the announcement of third-quarter vehicle deliveries, the highly anticipated robotaxi event, and the earnings report. Barclays analyst Dan Levy projected that Tesla would report 470,000 vehicle deliveries, surpassing FactSet's estimate of 460,000, marking the company's first year-over-year growth in 2024 after previous declines in the first two quarters. The robotaxi event, scheduled for October 10, is expected to showcase Tesla's advancements in autonomous driving technology, including the introduction of the 'cybercab.' Analysts view this event as a potential catalyst for the stock, with Bank of America and UBS highlighting its importance in justifying Tesla's current valuation and demonstrating future growth potential. The event will take place at Warner Bros. Studios in Burbank, California, and is anticipated to attract significant attention from investors. In addition to the robotaxi event, Tesla will report its earnings on October 16, a period historically marked by stock volatility surrounding delivery and earnings announcements. The upcoming events are crucial for maintaining investor confidence and could further influence the stock's trajectory. Despite the positive sentiment, some analysts, including those from Morgan Stanley, express skepticism about whether the upcoming events can meet the high expectations set by investors. This mixed outlook underscores the uncertainty surrounding Tesla's future performance as it navigates the competitive electric vehicle market.