Tesla's stock is getting roiled by 'ugly' delivery numbers
Tesla Inc. shares fell more than 8% on Thursday as Wall Street analysts used some choice words to describe their dismay at the car maker selling fewer-than-expected vehicles in the first quarter.
The “massive” 31% quarter-on-quarter drop also has negative implications for Tesla’s cost of sales per vehicle and “we know they’ve been lowering prices in order to prop up sales, all of which should equate to a pretty ugly quarter from a margin perspective,” he told MarketWatch.Analysts at Bernstein, led by Toni Sacconaghi, highlighted the unexpected weakness in sales of luxury Model S and Model X vehicles, down 50% quarter on quarter.
Analysts at Roth Capital highlighted “a busy day” for Tesla investors with Thursday also marking the court date for the Securities and Exchange’s contempt charges. The hearing stems from Chief Executive Elon Musk’s tweets about annual production targets for Tesla in light of last year’s settlement with the SEC over Tesla’s going-private saga.
Investors are likely to turn their focus to Tesla’s April 19 investor day, the Deutsche Bank analysts, led by Emmanuel Rosner, said in a note.
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