Tesla’s stock price surged past $450 on Wednesday, marking a significant milestone for the company in 2024. With anticipation building for Tesla’s Q3 delivery report, analysts and prediction markets are forecasting record-breaking numbers. Wall Street analysts predict deliveries of around 443,000 vehicles, while independent tracker TroyTeslike is even more optimistic, estimating deliveries of 481,000 units. Prediction market Kalshi is the most bullish, with traders betting on as many as 510,000 deliveries.
In Q4 of 2024, Tesla set a new delivery record of 495,570 vehicles. Surpassing this milestone would be a major achievement for the company. Currently, Tesla’s stock is trading at around $459, approaching its all-time high of $488.54. Strong Q3 deliveries could propel the stock to new heights, with bullish sentiment already fueling momentum.
Tesla experienced a successful third quarter in its key markets. In China, sales rebounded in August, boosted by the launch of the market-exclusive six-seat Model Y L. The company ended the quarter on a high note, with its best week yet in the country, registering 19,300 vehicles from September 22-28. In Europe, registrations saw growth in France and Denmark for the first time in the year, while Norway and Spain continued to show positive trends. In the U.S., the impending expiration of the $7,500 federal EV tax credit on September 30 led to a surge in last-minute orders.
Looking ahead, Tesla’s upcoming lower-cost Model Y Standard, with a leaked starting price of $39,990, could help offset the loss of the federal EV tax credit and drive demand in North America. The new Model Y variant is currently undergoing real-world testing in California and is expected to enter full-scale production in Q4.
Investors are eagerly awaiting Tesla’s Q3 results, as they could potentially set a new delivery record and push the stock to a fresh all-time high. Stay tuned for the official production and delivery numbers from Tesla when they are released.