After meeting with Tesla executives, Deutsche Bank concluded that the delivery volume and profit margin in the third quarter may be disappointing.

At the Munich Motor Show held this week, Tesla, which recently released its updated models, did not bring any surprises to analysts. After a conversation with Tesla executives, Deutsche Bank analyst Emmanuel Rosner stated in a research report that "due to planned shutdowns for upgrades at Tesla's global factories in the third quarter, both production and deliveries will be affected." Following this news, Tesla's stock fell nearly 2% at the close of trading on Wednesday. On Tuesday local time, Emmanuel Rosner met with Tesla management at a related conference at the Munich Motor Show. The executives brought both bad news and good news. On the downside, Rosner mentioned that Tesla's third-quarter deliveries and profits may be disappointing. Tesla is scheduled to halt production this quarter to upgrade and reconfigure its factories, so both production and sales will face limitations. Rosner believes that Tesla has already reduced its raw material costs in the second quarter, and there is little room for further cost reduction. Wall Street currently expects Tesla's third-quarter deliveries to be around 470,000 vehicles, with an operating profit margin of about 10%. This figure is almost unchanged compared to the second quarter (sales of 466,000 vehicles, operating profit margin of 9.6%), while in the second quarter of last year, Tesla's operating profit margin was close to 15%. Tesla's decision to accelerate price reductions at the beginning of this year has damaged its profit margin and raised concerns among investors. Musk's firm stance on engaging in a price war has further exacerbated these concerns. After the second-quarter results were released, Tesla's stock price fell nearly 10%. However, Musk has his considerations for doing so: "If we can sell more cars, accumulate more driving data, take a step closer to achieving fully autonomous driving, and launch the robotaxi business, then sacrificing a little profit at the moment is indeed insignificant." On the positive side, Rosner stated that Tesla's management is very optimistic about the Cybertruck and the new Model 3, which will be delivered in the fourth quarter. The rumored next-generation compact car, Model Q, will also become Tesla's "biggest growth opportunity." He wrote: "Most importantly, Tesla has confirmed that its top priority and biggest growth opportunity is its next-generation vehicle platform, which could have an annual production capacity of over 5 million vehicles worldwide." Tesla expects to deliver approximately 1.8 million vehicles in 2023 and approximately 2.3 million vehicles in 2024, with the majority coming from the Model 3 and Model Y. The new platform's annual capacity of 5 million vehicles will surpass the sum of delivery expectations for these two years, signifying significant growth for Tesla's next steps. Rosner rates Tesla stock as "buy" with a target price of $300, while the average rating for the stock is around $254. Approximately 39% of analysts rate Tesla stock as "buy," which is lower than the market average of 55%.