With the third quarter ending in a few days, Tesla (NASDAQ:TSLA) analysts are sharing their expectations for the fourth quarter. Tesla has high targets for 2023, and for Global Equities Research analyst Trip Chowdhry, the electric vehicle maker is on track for a blockbuster fourth quarter.
Tesla is hoping to produce and sell about 1.8 million vehicles in 2023, though CEO Elon Musk has hinted that the company could end the year with a capacity of 2 million vehicles. To accomplish this, Tesla would need to finish the third quarter on a strong note and complete the fourth quarter with record numbers.
As noted in a Street Insider report, Chowdhry noted that he is expecting a “monstrous” Q4 from the electric vehicle maker. The analyst also reiterated an “Overweight” rating and a $350 price target for Tesla. Chowdhry provided a number of key comments based on his observations of the company.
As per the analyst, the Fremont Factory’s shutdown in the third quarter seemed to be shorter than expected. For context, CEO Elon Musk noted during the second quarter earnings call that Tesla’s production in Q3 would be a little down due to “a lot of factory upgrades.”
“We continue to target 1.8 million vehicle deliveries this year, although we expect that Q3 production will be a little bit down because we’ve got some shutdowns to for — a lot of factory upgrades. So, just probably a slight decrease in production in Q3 for sort of global factory upgrades,” Musk said.
The longtime Tesla bull also noted that the demand for the Tesla Model S seems to be increasing, with the analyst stating that the third quarter may represent the highest quarterly sales of the Model S Plaid to date. Such a statement may sound overly ambitious, though it may be feasible considering the price cuts that were implemented on the flagship sedan as of late.
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