Telsa on track for strong Q3 earnings report following record deliveries
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Tesla is likely on track for another strong earnings report after logging record deliveries as the company appears to be weathering the storm of the global chip shortage.
What's next: The electric automaker will report third-quarter earnings this evening after markets close.
- Wedbush Securities analyst Dan Ives, in a note, said the company is expected to beat revenue and earnings per share estimates.
The intrigue: A Barclay's note ahead of the report says Tesla has been able to handle the chip shortage better than legacy automakers for several reasons.
- One is that Tesla predominantly sells just two vehicles (Model 3 and Model Y), not dozens, so "the problem of locating chips is more focused."
- But automakers face multiple supply chain problems and Tesla isn't immune — a topic sure to surface on their earnings call.
What we're watching: Reuters notes investors will be seeking information about how Tesla's faring in China, where it has seen robust sales but faces "negative publicity and a host of new domestic competitors."
What we don't know: That's whether CEO Elon Musk will be on this evening's call with analysts after saying on the Q2 call that he'd no longer be a regular.
Go deeper: U.S. questions Tesla over lack of recall after self-driving update
