JPMorgan: Tesla Q2 Deliveries Beat Expectations by 21%, Neutral Rating Maintained

TechFlow reports, July 6, According to TechFlow Research, JPMorgan Chase's latest research report confirms Tesla delivered 4.801 million vehicles in Q2, exceeding Bloomberg consensus by 21% and 14% higher than JPMorgan Chase's expectation. Europe June YoY increase 105%, Australia 89%, China 24%, US market declined 27%, growth momentum shifts globally. FSD newly approved in Belgium, Denmark, Lithuania, Estonia, and the Netherlands, Optimus Gen 3 production starts in July, but JPMorgan Chase believes the positive feedback loop is still a story of "if", not yet the reality of "already". Energy storage 13.5GWh exceeded JPMorgan Chase's expectation, but lower than the company's own consensus of 13.8GWh. Target price maintained at $475, corresponding to 2030 EPS of $7.50, implying a CAGR of over 50%. Timing mismatch is the core reason for maintaining a neutral rating.