Tesla Inc TSLA shares are in the spotlight on Wednesday ahead of the EV company’s much-anticipated robotaxi event this week. Tesla also saw record shipments to China last month.
What Happened: According to a Bloomberg report citing preliminary data from the China Passenger Car Association, Tesla shipped approximately 88,321 Model 3 and Model Y vehicles from its Shanghai factory in September, up 19% year over year.
Record Chinese shipments mark the third straight month of rising vehicle deliveries in China. This brings the company’s reported total of shipments in China in the third quarter to 249,135, higher than the previous peak of 248,686 vehicles shipped from its Shanghai factory in the fourth quarter of 2023.
Although Tesla appears to be seeing strength in China, the company’s total third-quarter deliveries of 462,890 vehicles fell short of some analysts’ expectations, according to Bloomberg.
Tesla has reportedly benefited from a 20,000 yuan ($2,830) government subsidy in China, making it easier for consumers to replace old vehicles with new electric vehicles. The support is expected to remain in effect until October.
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Investors and analysts have turned their attention to Tesla’s much-anticipated robotaxi event, “We, Robot,” scheduled to begin Thursday evening. Many expect Tesla to reveal what will drive the company’s next phase of growth.
Wedbush analyst Dan Ives set the stage for the event in a note to clients last week. The analyst expects many “game-changing” updates and details surrounding the Tesla robotaxi platform, which is rumored to be called “Cybercab.”
“We believe Robotaxi Day will be a historic and impactful day for Musk and Tesla, and represents a new chapter of growth around the future of autonomous driving, FSD, and AI at Tesla,” Ives said.
Tasha Kinney, an analyst at Ark Invest, said in a blog post this week that she expects Tesla’s autonomous platform to account for nearly 90% of Tesla’s valuation within five years.
“Like Waymo, Tesla will likely launch its robotaxi service city by city; but unlike Waymo, it should be able to scale much faster, because it won’t rely on high-resolution maps or geofencing.”
This week’s Tesla robotaxi event will be followed by third-quarter earnings later this month. Tesla is scheduled to report its quarterly results after the market closes on October 23. Analysts expect the electric car maker to report earnings of 57 cents per share and revenue of $25.238 billion, according to Benzinga Pro Estimates.
TSLA Price Action: Tesla shares were down 0.42% to $243.48 at press time Wednesday, according to Benzinga Pro.
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Image: Courtesy of Tesla.
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