JPMorgan releases research report: Tesla's Q2 deliveries exceed expectations but maintains neutral rating

According to Trend Research, a JPMorgan research report confirms that Tesla delivered 4.801 million vehicles in the second quarter, exceeding the Bloomberg consensus by 21% and surpassing JPMorgan's expectations by 14%. In June, year-on-year growth was 105% in Europe, 89% in Australia, 24% in China, while the US market declined by 27%. FSD has been newly approved in Belgium, Denmark, Lithuania, Estonia, and the Netherlands. The third generation of Optimus will begin production in July. Energy storage reached 13.5 GWh, exceeding JPMorgan's expectations but lower than the company's self-compiled consensus of 13.8 GWh. The target price is maintained at $475, corresponding to a 2030 EPS of $7.50. The neutral rating is maintained due to a timing mismatch.