Analysts at Deutsche Bank provided their outlook on Tesla, Inc. (NASDAQ:TSLA) ahead of the company’s Q1 deliveries report, expected to be announced on Saturday.

The analysts lowered their deliveries estimate to 320,000 units (up 73% year-over-year), reflecting a temporary shutdown in the Shanghai factory due to Covid. Their revenue estimate was slightly lowered from $18.9 billion to $18.4 billion on volumes, but automotive gross margin was raised to 27.5% from 26.4% given the late impact of the new factory cost ramp in the quarter, leading to EPS of $2.36 vs. prior $2.33.

According to RBC Capital, investors’ focus will likely be on usual financial items (Gross Margin, Cash Flow) and future developments (capacity buildouts, battery tech and progress on 4680 cells, FSD). It is likely to also be a heightened focus on the supply chain as that, along with the pace of capacity buildout is ultimately likely to dictate 2022 production/ deliveries.