Wedbush analyst Dan Ives has provided insights into the upcoming catalysts for electric vehicle company Tesla. Ives, who has an Outperform rating on Tesla and a $275 price target, believes that the second quarter deliveries and the highly anticipated robotaxi day will be crucial for the company’s future.
Ives expects Tesla to announce its second quarter deliveries soon, following a challenging first half of the year marked by softer electric vehicle demand. He predicts a potential “mini rebound” in deliveries, with China showing growth. Street estimates for deliveries range from 415,000 to 435,000.
The analyst also highlights Tesla’s robotaxi day on August 8th as a significant event that could propel the company towards a $1 trillion valuation. Ives sees Tesla’s autonomous and Full Self-Driving (FSD) visions as key drivers for its success. He notes that the official inclusion of robotaxis in Tesla’s portfolio will be unveiled on this day.
Ives emphasizes that Tesla’s future lies beyond being a traditional car company, as it becomes more focused on artificial intelligence and robotics. While delivery numbers remain important, Ives suggests that the market is shifting its attention to Tesla’s next growth driver, with the worst of the demand challenges behind them.
Tesla shares currently trade at $197.88, with a 52-week trading range of $138.80 to $299.29. The stock has experienced a 21% decline year-to-date in 2024.