Tesla Q3 deliveries to at least meet expectations, says Deutsche Bank

Deutsche Bank expects Tesla’s Q3 deliveries to at least meet Street expectations and estimates 460,000-465,000 units. Europe and U.S. appear to be trending lower in year-over-year terms while China is outperforming, helped by financing promotion and trade-in incentives, the analyst tells investors in a research note. The firm says higher Cybertruck volumes will represent a larger headwind as deliveries ramp up. For the robotaxi day on October 10, Deutsche expects an unveiling of the “CyberCab,”, some type of robotaxi demo, and updates on operating parameters such as cost per mile, scale, and timeline. Moreover, Tesla should unveil the new lower cost vehicle slated for next year, adds the firm. Its bias leading up to the event has been positive. However, coming out of the event, the firm “would be tactically cautious as the bar seems quite high.” It could envision a “sell the news” type of market reaction. Deutsche Bank keeps a Buy rating on Tesla with a $295 price target.