Tesla: Third-Quarter Deliveries Return to Growth Versus 2023 Following First-Half Decline

Tesla announced third-quarter deliveries of 462,890 vehicles, which is up over 6% compared with the prior year's quarter. The deliveries number was in line with our outlook for the cadence of the year and sets up Tesla to hit our full-year deliveries forecast of just below 1.8 million vehicles, roughly flat with the 1.81 million deliveries number for 2023. Tesla also announced energy storage deployments of 6.4 gigawatt hours. This puts the company on track for our forecast of 26.5 GWh of energy deployments for the year. With our outlook largely intact, we're maintaining our Tesla fair value estimate of $200 following the third-quarter deliveries and grid storage deployments results. Our narrow moat rating is also unchanged.