Tesla Sales Falling Flat Clouds Outlook for Musk's Bold Targets

Jul 07, 2017, 00:42
Tesla Sales Falling Flat Clouds Outlook for Musk's Bold Targets

Tesla also said Monday that first-half deliveries of the Model S sedan and Model X SUV totaled about 47,100, at the low end of the company's projections. The Model 3 is Tesla's first mass-market vehicle; the company has almost 400,000 reservations for the sedan, which starts at $35,000 - Tesla's cheapest auto yet. A look at this latest drone footage of the Nevada gigafactory (the first of five) shows that Tesla should have no problem finishing the plant on time. "Tesla is no longer going to own electric vehicle territory exclusively, and traditional automakers really know how to crank out the cars".

The Model 3 has widely been publicised as Tesla's first true mass-market EV, but that doesn't mean it's cheap. It's a big jump, though it's still lower than earlier estimates as Musk previously said he is expecting production output to be at 10,000 per week by December.

Goldman Sachs on Wednesday slashed its six-month price target on Tesla shares to $180 per share, warning that demand for the company's established cars was "plateauing", pressuring profit margins.

Mr Musk tweeted: "Handover party for first 30 customer Model 3's on the 28th!"

At around $50 billion, Tesla's valuation rests on its ability to keep production high for its cars, along with its burgeoning energy business.

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"Tesla's Q2 production and deliveries report raised more questions than answers, particularly about Model S and X demand", Bernstein's Toni Sacconaghi wrote in a note to clients Wednesday. Analysts cite Tesla's staggering 30% market share in the large luxury sedans segment as proof that its market is already saturated.

Tesla shares finished down 2.5% at $352.62 following the shortened trading session on Monday and are today down over 5%. More specifically, the outlook says another 35 "Gigafactories", like the one Elon Musk built in Nevada for Tesla, will be needed by 2030 to meet the power needs of electric vehicles.

Tesla's (TSLA) stock is tumbling today as the market considers the ramifications of the automaker's weaker-than-expected second-quarter deliveries. The stock was sold at an average price of $301.45, for a total transaction of $150,725.00.

According to the email, Musk said that people had been promoted in Tesla over other qualified candidates, but they end up suing the company for millions of dollars as they believed that they are not being promoted. Tesla's upcoming $35,000 sedan has already garnered hundreds of thousands of pre-orders, and was created to be mass produced, unlike Tesla's prior vehicles.

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