Tesla Model 3 delivers or cuts in half in the fourth quarter. It is reported that Tesla Mode delivers another big problem and may deliver half or less in the fourth quarter. It is estimated that those car manufacturers investing in Tesla Mode 3 are about to cry.
According to CNBC, Tesla Electric Motors recently failed to meet the production targets of the Model 3 model, which worried Wall Street's top company, JP Morgan Chase. JPMorgan Chase reiterated its “reduce†rating on the electric carmaker’s stock and lowered its share price target, expecting Tesla to continue to suffer from auto production.
Photo: Elon Musk, CEO of Tesla Electric Vehicles
In the afternoon of the US local time on Friday (20th), Tesla shares fell 0.9%. As of this year, Tesla shares have risen by 65%, while the S&P 500 has only risen by 14%. In the third quarter, Tesla delivered 26,150 vehicles, but only 220 Model 3 models. According to FactSet, Wall Street analysts had expected Tesla's total vehicle production in the third quarter to be 25,860, with Model 3 reaching 1,260. Two months before Tesla announced the data, the company said it would produce 1,500 Model 3 cars in the quarter.
JPMorgan analyst Ryan Brinkman wrote in the latest analysis: "Tesla's third-quarter Model 3 model delivery is far below delivery expectations, which is disappointing. Management believes The production bottleneck is the main reason why the Model 3 model is lower than the delivery expectations, which further exacerbates our concern that the introduction of Model 3 may bring significant implementation risks."
As a result, Brinkman reduced his fourth-quarter Model 3 delivery forecast from 30,000 to 15,000. He wrote: "Although the difficulty of adding the Model 3 model is likely to be temporary, we wonder if this suggests that the profitability of this model is lower, which also prompted us to worry about the profit margin."
Brinkman has lowered Tesla's target price to $195 per share, which is 45% lower than Thursday's closing price. His previously forecasted target price was $200. Brinkman wrote: "We are worried that if the car is more expensive to produce, in order to maintain the expected gross profit margin, Tesla may need to increase the retail price of the car, which will have a negative impact on demand."
As of Thursday (19th), Tesla shares have fallen by 1.1%. Earlier reports said the company fired hundreds of employees. Some investors are also concerned about the company's cash consumption and ability to meet Model 3 production targets. Tesla did not immediately respond to the reporter's request for comment.
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