Tesla will hold its Q2 2024 earnings call on Tuesday, July 23, 2024, at 4:30 p.m. Central Time. Wall Street has already started sharing its forecasts for Tesla.
Zacks Equity Research predicts Tesla will report a year-over-year decline in earnings on higher revenues for Q2 2024. Zacks Consensus Estimate states Tesla will post quarterly earnings of $0.62 per share for the second quarter. The car manufacture is expected to report a $25.13 billion revenue, up 0.8% compared to Q2 2023.
General analyst consensus is Tesla will report earnings per share of $0.61, down from the $0.91 reported in the second quarter last year. The consensus also expects Tesla to report a revenue of about $24.3 billion.
Earlier this month, Tesla released its production and deliveries report for the quarter ending in June. The company successfully delivered 443,956 units and produced 410,831 vehicles in Q2 2024. Tesla reported producing 433,371 units in the first quarter and delivered 386,810 electric vehicles. For the H1 2024, Tesla’s total deliveries are 830,766 EVs. The company’s goal for 2024 is 2 million EV deliveries.
Following TSLA’s Q2 2024 production and delivery report, Wedbush Securities raised Tesla’s price point to $300. According to analyst Dan Ives, Wedbush Securities believes Tesla has taken a turn for the positive heading to 2H/2025. The investment firm also predicts Tesla’s AI story could be worth $1 trillion+.
Overall, Wall Street analysts believe Tesla still has potential for growth but faces some challenges as other automakers enter the electric vehicle market.
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