TeslaNASDAQ: TSLA

Steve Grasso, Grasso Global CEO; Tim Seymour, CIO at Seymour Asset Management; Julie Biel, chief market strategist at Kayne Anderson Rudnick; and Mike Khouw, chief strategist at OpenInterest.Pr, join 'Fast Money' to discuss Tesla as the electric car maker is expected to report Q3 deliveries next week.

Analysts at Wedbush predict that Tesla Inc (NASDAQ:TSLA) will announce strong vehicle delivery figures for the third quarter next week, exceeding market expectations. They estimate that the company will deliver between 465,000 and 470,000 vehicles, which is higher than the expected 462,000 units.

Tesla's stock has recovered well from April to July 2024, but it is struggling to break through the $271 mark, resulting in a lowered “hold” rating. In the second quarter of 2024, earnings fell short of expectations because of a 7% decrease in car sales and a 45% drop in net income. While there is some positive growth in energy storage and carbon emission incentives, the company needs to improve its electric vehicle sales compared to competitors before it can receive a “buy” rating.

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Tesla is anticipated to showcase the Robotaxi prototype and provide updates on its self-driving technology during the Robotaxi AI event. Even with growing competition, Tesla remains a frontrunner in the electric vehicle market.

Tesla's upcoming delivery figures are expected to be significantly influenced by sales in China.

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Lowering interest rates can increase demand since it removes some of the challenges related to affordability that come with higher rates. This can also benefit long-term stocks like Tesla. While Wall Street analysts are optimistic about strong deliveries in China, I am not as convinced, as I don't expect significant outperformance in this area.

Edison Yu, an analyst from Deutsche Bank, predicts that Tesla's deliveries for the third quarter will increase compared to last year and will likely meet the expectations of Wall Street.