Bullish indicating open at $55-$60, IPO prices at $37
Investing.com - Tesla (NASDAQ:TSLA) is expected to unveil its second-quarter delivery numbers on Wednesday, as the electric carmaker grapples with flagging demand and controversy around the political stances of CEO Elon Musk.
Wall Street is modelling deliveries of roughly 390,000, representing a double-digit decline in sales compared to the year-ago period, when Tesla reported that it had delivered 443,956 vehicles.
Earlier this year, the company reported weak revenue weighed down by slipping electric car sales, particularly in the U.S. and Europe. First-quarter deliveries of 336,691 were well short of projections, reflecting some backlash to Musk’s proximity to U.S. President Donald Trump -- a relationship that has seemingly wavered.
Musk has since backed away from much of his responsibilities in Washington and pledged to devote more time to running his many businesses.
Shares of Tesla, which have slumped by more than 14% so far this year, were lower in premarket U.S. trading on Monday.
The figures are set to come as Tesla has been looking to bolster sales and combat intense Chinese competition by offering buyers more affordable cars as well as a revamp of its popular Model Y sport-utility vehicle.
Tesla has also targeted autonomous vehicles as a potential new line of business, with Musk saying that he expects million of Teslas operating fully autonomously by the second half of 2025.
In a recent post on his social media platform X, Musk said that Tesla’s first driverless delivery of one of its cars was made to a customer near the company’s Austin, Texas gigafactory. An accompanying video showed a Tesla driving the public streets of the area without a human in the driver’s seat or passenger seat.
Musk did not provide any details behind the version of the software or hardware that was used in the delivery.