Deutsche Bank Reiterates Tesla’s $345 PT After Q2 Delivery Report
Deutsche Bank analyst Edison Yu reiterated on July 2, 2025, a ‘Buy’ rating and $345 price target on Tesla, as the company reported Q2 deliveries.
“Tesla delivered 384k and produced 410k vehicles in 2Q25.
While this represented a ~13% YoY decline in deliveries, it was meaningfully better than feared with buyside expectations leading up closer to 360k.
Geographically, China actually came in slightly weaker than our expectations, and we suspect the upside was driven by US (pull forward ahead of the consumer tax credit going away) as well as Rest of World (better sales in parts of Asia such as Malaysia, South Korea, and Thailand).
By model, 374k units of Model 3+Y were delivered, vs. our 343k expectation. S+X+CT came in at 10.4k vs. our 12.8k.
In contrast, Tesla deployed 9.6 Gwh of energy storage, below our estimate calling for 12 Gwh.
From a margin perspective, we now see some upside to a uto gross margin (ex credits) given the volume beat.
Looking at 2025, volume growth will still be a challenge considering the EV policy headwinds and delay in Model Q.
At the same time, with Elon Musk free from his prior government role and now overseeing sales in Europe and the US, we wonder if the second half can demonstrate greater improvement.”
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