Tesla is about to show investors if it’s back on the road to profitability:
Tesla Inc. is expected to report third-quarter results after the bell on Oct. 23, with more than the usual amount of scrutiny going into the Silicon Valley car maker’s quarterly update.
The company earlier this month reported third-quarter deliveries, its proxy for sales, that fell short of expectations. Tesla said it delivered about 97,000 vehicles in the third quarter, including 79,600 Model 3 sedans. Estimize, a crowdsourcing platform that gathers estimates from Wall Street analysts as well as buy-side analysts, fund managers, company executives, academics and others, is expecting an adjusted loss of 34 cents a share for Tesla.
The analysts surveyed by FactSet on average rate Tesla stock a hold with a price target of $269.67, an upside around 4%. The shift to the Model 3 while Model S and Model X sales are declining, plus increased costs with a raft of planned new vehicles and investments in driverless-car technologies “always create the question of: ‘Is volume sufficient enough to make up for reinvesting in the business?’” Whiston said.
“That’s a good sign for me, telling me that things continue to get better on the demand side. They just need to get production issues corrected and focus on cost controls,” he said.Another item high on investors’ agenda is an update on Tesla’s China plant and the Model 3 production ramp in that country; the expectation is that the plant will reach peak production sometime next year.
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