03:37 PM EDT, 09/24/2024 (MT Newswires) -- Tesla's (TSLA) Q3 deliveries are expected to increase by 8% year-over-year, UBS said in a note emailed Tuesday.

The company is expected to report Q3 deliveries on Oct. 2, UBS said, adding that it has not yet received the company's consensus, but based on investor discussions, it estimates the buyside expectation to be around 465,000 to 480,000, placing itself towards the lower end of the range.

While the focus is typically on vehicle deliveries, Tesla now also reports energy storage deployments in gigawatt-hours. The Visible Alpha consensus for Q3 is 9 GWh, slightly below the 9.4 GWh recorded in Q2 of 2024, UBS said.

"We believe consensus expectations look elevated as we remind investors energy storage deployments are lumpy and 2Q24 was by far a record quarter," UBS said, adding that it can't accurately verify storage deployments, especially due to accounting methods, but its estimates are just below 8 GWh.

Tesla delivered 106,000 vehicles in the US in July and Aug, up 7% from Q2 of 2024 but down 10% from Q3 of 2023, with financing promotions in place. European registrations rose 27% quarter-over-quarter but fell 19% year-over-year, led by Germany, the UK, and Norway. In China, domestic deliveries increased 27% quarter-over-quarter and 14% year-over-year, aided by extended zero-interest promotions, the note said.

UBS has a sell rating on Tesla with a price target of $197.

Price: 252.52, Change: +2.52, Percent Change: +1.01