Analysts do not expect Tesla's sales numbers to improve

Tesla's dismal sales numbers are not forecast to improve this year. New vehicle deliveries are expected to be down below 2023.

With nothing new to offer customers, margins cut so thin it may not be worth the effort, and a CEO bent on turning off the few remaining potential customers, things are not looking up for Tesla. The stock price is down. The company announced that there would be no more affordable model, but mouthpiece Elon Musk is promising a self-driving taxi while other companies already offer the service without him. What is the reason people have to buy the last decade's model EV? None.

Tesla had a really rough first quarter of 2024, and unfortunately for Elon Musk's automaker, it doesn't seem like it's going to be an isolated incident. Industry analysts are now expecting deliveries for the entire 2024 calendar year to be noticeably down when compared to 2023.

One analyst at Piper Sander expects the Austin, Texas-based automaker to deliver 0.5 percent fewer cars than they did last year. That's good for 1.8 million sales, according to Bloomberg. Admittedly, that's still a fairly strong number. Another analyst from Jeffries sees sales dropping a bit more – roughly 3 percent to 1.77 million vehicles.

Because of these estimates, both analysts dropped their stock price targets. The Piper Sandler analyst dropped his to $205 and the Jefferies analyst put the number even lower at $165. Right now, Tesla's stock is sitting at about $172, and it's down 30.5 percent on the year. Ouch.