Tesla Inc (NASDAQ:TSLA) shares are in the spotlight Wednesday ahead of the EV company's long-awaited robotaxi event this week. Tesla also saw record China shipments last month.
What Happened: According to a Bloomberg report citing preliminary data from China's Passenger Car Association, Tesla shipped approximately 88,321 Model 3 and Model Y vehicles from its Shanghai factory in September, up 19% year-over-year.
The record China shipments mark the third straight month of climbing vehicle deliveries in China. The reported total brings the company's third-quarter China shipments up to 249,135, above the prior peak of 248,686 vehicles shipped from its Shanghai factory in the fourth quarter of 2023.
Although Tesla appears to be seeing strength in China, the company's third-quarter delivery total of 462,890 came up short of some analyst expectations, per Bloomberg.
Tesla has reportedly benefitted from a 20,000 yuan ($2,830) government subsidy in China, making it easier for consumers to trade in old vehicles for new EVs. The subsidy is expected to remain in place into October.
Investors and analysts have shifted their attention to Tesla's highly anticipated robotaxi event, "We, Robot," scheduled to kick off Thursday night. Many expect Tesla to unveil what will drive the next growth phase for the company.
Wedbush analyst Dan Ives set the stage for the event in a note to clients last week. The analyst anticipates several "game changing" updates and details surrounding Tesla's robotaxi platform, rumored to be called the "Cybercab."
"We believe Robotaxi Day will be seminal and historical day for Musk and Tesla and marks a new chapter of growth around autonomous, FSD, and AI future at Tesla," Ives said
Ark Invest analyst Tasha Keeney said in a blog post this week that she expects Tesla's autonomous platform to account for approximately 90% of Tesla's valuation in five years.
"Like Waymo, Tesla is likely to launch its robotaxi service city by city; but unlike Waymo, it should be able to scale much faster, because it will not rely on HD maps or geofencing," Keeney said.
Tesla's robotaxi event this week will be followed by third-quarter earnings later this month. Tesla is scheduled to report quarterly results after the market close on Oct. 23. Analysts expect the EV maker to report earnings of 57 cents per share and revenue of $25.238 billion, according to estimates from Benzinga Pro.
TSLA Price Action: Tesla shares were down 0.42% at $243.48 at the time of publication Wednesday, according to Benzinga Pro.
- Tesla's Robotaxi Platform Could Account For 90% Of EV Giant's Enterprise Value Over The Next 5 Years, Says Ark Invest Analyst
Photo: courtesy of Tesla.
