Tesla’s Sales Outlook Dims as Analysts Predict EV Decline in 2024

Elon Musk’s Tesla sales outlook has worsened, with two prominent analysts predicting a decline in EV deliveries in 2024.

according to recent reports From Bloomberg, Piper Sandler’s Alexander Potter predicts Tesla’s car deliveries will drop 0.5% in 2024 to just under 1.8 million vehicles. Similarly, Jefferies’ Philippe Fouchois predicts a decline of around 3% to 1.77 million units. The bleak outlook comes on the heels of disappointing first-quarter deliveries for Tesla, which fell short of consensus estimates by the widest margin ever recorded in Bloomberg data from seven years ago. This is especially surprising since Tesla is the country’s most prominent EV maker and has enjoyed significant sales growth.

Tesla accident in California (Contra Costa County Fire Protection District, via AP)

Analysts cite slowing growth as a key concern for electric car makers. “Growth is slowing and there are no quick fixes,” Potter wrote in his April 9 report. He believes Tesla should be able to overcome demand issues by 2026 as it looks to scale up production of its lower-cost vehicle, the Cybertruck, and more than half of the target price is for the company’s driver-assistance software. It comes from a bullish attitude toward

Meanwhile, Houchois is relatively pessimistic about whether Tesla will be able to realize its self-driving ambitions. “Unveiling robotaxi on August 8 may improve sentiment, but it does not address the time frame and investment required to make the technology and business model viable,” he said on Wednesday. stated in a memo to customers. Jefferies has lowered its full-year profit forecast by about 30% and its sales forecast by 15%.