Tesla: shares stumble after disappointing deliveries
(CercleFinance.com) - Tesla shares fell on Thursday after the electric carmaker posted Model 3 volume that fell significantly short of expectations.
Tesla Motors said on Wednesday evening that total deliveries grew to 29,870 vehicles in the fourth quarter, compared to 26,150 vehicles in the third quarter.
However, Tesla also reported deliveries of just 1,550 for the Model 3s in the quarter, 60-70% below consensus and the company sourced consensus of 4,000-5,000 units, analysts said.
On a positive note, the group said major progress was made in Q4 addressing Model 3 production bottlenecks, with the production rate increasing significantly towards the end of the quarter.
"Today's disclosure should give fodder to both bulls (end of fourth quarter acceleration) and bears (cash risk and unreliability of guidance) but is unlikely to "crack" the stock in our view," Jefferies said.
The broker - which keeps an "underperform" rating on the stock - still expresses doubts over Tesla's ability to generate "attractive" margins, even in the case of a Model 3 ramp-up.
Tesla's stock - which was broadly unchanged in 2017 - is currently down 2.6% at 308.9 dollars.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Tesla Motors said on Wednesday evening that total deliveries grew to 29,870 vehicles in the fourth quarter, compared to 26,150 vehicles in the third quarter.
However, Tesla also reported deliveries of just 1,550 for the Model 3s in the quarter, 60-70% below consensus and the company sourced consensus of 4,000-5,000 units, analysts said.
On a positive note, the group said major progress was made in Q4 addressing Model 3 production bottlenecks, with the production rate increasing significantly towards the end of the quarter.
"Today's disclosure should give fodder to both bulls (end of fourth quarter acceleration) and bears (cash risk and unreliability of guidance) but is unlikely to "crack" the stock in our view," Jefferies said.
The broker - which keeps an "underperform" rating on the stock - still expresses doubts over Tesla's ability to generate "attractive" margins, even in the case of a Model 3 ramp-up.
Tesla's stock - which was broadly unchanged in 2017 - is currently down 2.6% at 308.9 dollars.
Copyright (c) 2018 CercleFinance.com. All rights reserved.