JPMorgan: Tesla Q2 Deliveries Beat Expectations by 21%, Neutral Rating Maintained

According to TechFlow Research, JPMorgan's latest research report confirmed Tesla's Q2 deliveries of 4.801 million vehicles, exceeding Bloomberg consensus by 21% and 14% higher than JPMorgan's expectation. Europe June YoY growth 105%, Australia 89%, China 24%, US market declined 27%, with growth momentum shifting globally. FSD newly approved in Belgium, Denmark, Lithuania, Estonia, and Netherlands; Optimus Gen 3 starts production in July, but JPMorgan believes the positive feedback loop remains an "if" story, not yet an "already" reality. Energy storage at 13.5GWh exceeded JPMorgan's expectation, but was lower than the company's self-compiled consensus of 13.8GWh. Target price maintained at $475, corresponding to 2030 EPS of $7.50, implying over 50% CAGR. Timing mismatch is the core reason for maintaining a Neutral rating.