JP Morgan has revised its forecast for Tesla’s Q2 2025 vehicle deliveries to 360,000 units, well below the market consensus of 392,000 and the bank’s earlier estimate of 395,000. Citing seasonal trends, European sales data, and China’s auto insurance figures, JP Morgan reiterated its “underweight” rating on Tesla stock and maintained a $15 price target. The downward revision comes amid disappointing sales figures across key European markets. In June, Tesla's registrations fell 61.6% YoY in Denmark and 64.4% in Sweden. The company's stock dropped 5.6% in Frankfurt and 4.7% in US pre-market trading.