Overview
- JPMorgan cut its Tesla Q2 delivery forecast by nearly 10% to 360,000 vehicles, marking a 19% year-over-year decline and coming in below Bloomberg’s consensus of 392,000.
- Tesla stock dropped about 5% on Tuesday to just over $303 per share, bringing its year-to-date loss to roughly 20-25%.
- Options markets are pricing in an additional 5% swing in Tesla shares by the end of the week around the Q2 delivery results.
- Deutsche Bank revised its Q2 delivery estimate to 355,000 vehicles but retained a buy rating with a $345 price target.
- Investors worry that the potential early expiration of the $7,500 federal EV tax credit and Elon Musk’s public feud with President Trump could further depress demand.