Tesla to report Q2 deliveries below consensus, says Barclays

Barclays analyst Dan Levy expects Tesla (TSLA) to report Q2 deliveries of 375,000 units, down 10% year-over-year and below the consensus estimate of 400,000. However, the miss may be discounted in the shares given the company’s “deemphasized fundamentals,” the analyst tells investors in a research note. Barclays believes Tesla’s 2025 volume is on track to be “more significantly negative,” but adds the new model is an “x factor.” The Tesla narrative has increasingly turned to the robotaxi, with investors likely more focused on the planned June 22 launch and the company’s path to scaling autonomous vehicles than on Q2 deliveries and overall fundamentals, contends the firm. It keeps an Equal Weight rating on Tesla with a $275 price target