Wednesday, 20 March, 2019

Tesla starts taking Model 3 orders in China

Investor's Corner					Wall St. firm maintains Tesla $500 price target citing Model 3 gross margin surprise Investor's Corner Wall St. firm maintains Tesla $500 price target citing Model 3 gross margin surprise
Kelvin Reese | 03 January, 2019, 02:58

For the full year, Tesla said it produced 254,530 vehicles, which is 9,290 more than it delivered.

Apart from reporting record deliveries and production, Tesla also noted that it is rolling out a price adjustment of $2,000 for its vehicle lineup to absorb the reduction of the federal tax credit being granted to electric auto buyers.

Nicholas Hyett, an analyst at Hargreaves Lansdown, said: 'For most automotive groups these would be very impressive numbers.

"The price cut is what's driving the stock lower, as it openly acknowledges the sunset of subsidy dollars is a material headwind", said Craig Irwin, an analyst with Roth Capital Partners. It suggests customers are perhaps a bit more price-sensitive than you might have thought'. Tesla's own internal tracking shows its deliveries were in line with or above estimates, spokesman Dave Arnold told reporters. Wall Street analysts had forecast 64,900 Model 3 deliveries, 14,200 for the Model S and 13,600 for the Model X, according to average estimates of nine analysts compiled by FactSet.

Tesla has urged buyers to make use of the federal tax credit, with Mr Musk reminding them on Twitter on Saturday that the benefit would drop to half at the beginning of 2019.

Since Tuesday the relief has been halved and will be halved every six months until it disappears.

Rep. Crenshaw: Wall Crucial Part of Border Security
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Russian Federation relations developing dynamically: Putin Vladimir
Putin also sent messages to other heads of state including Britain's Theresa May and Turkish President Recep Tayyip Erdogan. Also on Monday, Chinese Premier Li Keqiang and his Russian counterpart Dmitry Medvedev exchanged New Year greetings.

Tesla said it made the move to soften the impact of falling federal tax credits.

Nevertheless, Baird analyst Ben Kallo noted in a recent report that demand for the Model 3 would likely be strong, particularly as deliveries to other countries are expected to begin this 2019.

"The mission is to get electric vehicles on the road at the lowest price point without sacrificing margins", he said, adding that he sees "unlimited demand" for the more affordably priced $35,000 Model 3, even without the government rebate. The company said it delivered 63,150 Model 3s, 13,500 Model S sedans and 14,050 Model X SUVs.

Shares slid 8.4pc in early dealing, wiping $5bn (£4bn) off its market value, as the company reported that in the three months to the end of December it delivered a total of 90,700 cars, up 8pc on the record set the previous quarter.

Ives added that Tesla shares are "hypersensitive to any issue around Model 3" and that it will remain a stock that is "guilty until proven innocent" until it discloses quarterly earnings figures next year.

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