Market Overview

What Tesla App Downloads Say About EV Maker's Q3 Deliveries

Share:
What Tesla App Downloads Say About EV Maker's Q3 Deliveries

Tesla Inc (NASDAQ: TSLA) shares, which saw a nice bump Monday, are continuing to head higher.

The 12.5% gain in EV maker's stock Monday was attributed to an across-the-board tech rebound and positive sell-side commentary from Goldman Sachs.

Tesla's Ambitious 500K Target For 2020: Tesla delivered 179,387 vehicles in the first half of 2020: 88,496 vehicles in the first quarter and 90,891 units in the second. 

The automaker said in the second-quarter earnings release that it continues to expect deliveries of 500,000 vehicles in 2020 despite production interruptions due to the COVID-19 pandemic.

This means Tesla has to step on the gas pedal to deliver 320,613 vehicles in the second half.

Tesla App Downloads A Reason For Hope? Global weekly Tesla app downloads have been trending higher year-over-year, Goldman Sachs said in a Monday note, citing data from Sensor Tower.

The recent full-week app downloads showed a 20% year-over-year increase, reflecting the late-quarter push Tesla typically witnesses, the firm said.

The year-over-year increase is attributable primarily to China, and growth in both China and U.S. has contributed to Tesla's year-to-date growth, according to Goldman Sachs. 

Gordon Johnson's Contrarian Take: Tesla's third-quarter deliveries are now  estimated at 131,500, plus or minus 5,000, GLJ Research's Gordon Johnson said.

The break-up of the total numbers works out to 35,000 made-in-China Model 3 vehicles and 95,000 units from Fremont, the analyst said.

This would represent a 36% year-over-year growth from the 97,000 vehicles Tesla delivered in the third quarter of 2019, he said. 

The Tesla app is free to download and downloads by a couple would represent double counting in the data, Johnson said. 

"If anything this app download data, to us, looks like a miss is on tap for TSLA for 3Q20 deliveries." 

The analyst said it is too early to make any conclusive deductions, as the very "end-of-the-month push" matters.

TSLA Price Action: At last check, Tesla shares were adding 9.08% to $457.74.

Related Links:

Tesla Bear Names 7 Reasons Why Stock Failed To Make The Cut For S&P 500

Tesla Analyst: After S&P Snub, All Eyes Are On EV Maker's Battery Day

Photo courtesy of Tesla. 

Latest Ratings for TSLA

DateFirmActionFromTo
Sep 2020BairdMaintainsNeutral
Sep 2020Canaccord GenuityMaintainsHold
Sep 2020Deutsche BankUpgradesHoldBuy

View More Analyst Ratings for TSLA
View the Latest Analyst Ratings

 

Related Articles (TSLA)

View Comments and Join the Discussion!

Posted-In: electric vehicles EVs GLJ Research Goldman Sachs Gordon JohnsonAnalyst Color Analyst Ratings Best of Benzinga

Latest Ratings

StockFirmActionPT
AMKBYGoldman SachsUpgrades
MGNIRBC CapitalInitiates Coverage On9.0
HRCNeedhamMaintains117.0
DJP MorganUpgrades84.0
ABBVBerenbergInitiates Coverage On98.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com