Tesla Misses Delivery Targets and Cuts Prices Again Amid Sluggish Demand

Tesla missed Q3 delivery expectations and previous quarter's figures, reacting with more price cuts to spur demand.

Despite price cuts, Tesla's global orders still below 450,000 per quarter year-to-date.

Price cuts likely to pressure Q4 margins and 2024 EPS, requiring recalibration of Street expectations.

Analyst McNally estimates 475,000 Q4 unit sales, sees 2.10-2.15MM '24 target vs consensus of ~2.3MM.

With waning demand, McNally reiterates Neutral rating and $165 price target, 38% downside.