Tesla's stock tumbles into correction territory but analyst sees new highs ahead
07 July, 2017, 00:46 | Author: Celia Hoffman
What could also be weighing on the stock are concerns over a buildup in inventory, because Tesla produced nearly 4000 more vehicles than delivered in the second quarter. Kallo said what could also be weighing on the stock are concerns over a build up in inventory, as Tesla produced about 3,700 more vehicles than it delivered during the second quarter. In April, also to prepare for the Model 3, Teslaannounced that it will double the size of its charging network by the end of 2017. 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. While Tesla has been trading above the median target price for months, that margin mushroomed in June with the stock trading as much as 25 percent above the median target. Musktweeted this week that Model 3 has just passed all regulatory tests and is awaiting a production serial number by Friday this week. August production "should be" 150 cars, he said, and he projected more than 1,500 of the vehicles will be made in September. Tesla Model 3 is cheaper than Model 3, demand exceeds the company's production capacity, Model 3 is more modest than Model 3 and this modest vehicle can skyrocket Tesla's revenue. The company has been shifting the cell chemistry of its latest packs to using more silicon rather than graphite, Mr Musk said at the time.
Tesla shares are down more than 4 percent to $313.10 as of this post. The company revealed last Monday that deliveries of its Model S and Model X were lighter than expected with only 22,000 units delivered.
Even when Mr. Musk laid out an updated Tesla "master plan", with a pledge to expand beyond electric cars into battery-powered pickups, semitrailer trucks and buses, and to equip them with advanced self-driving systems, the stock remained at about the same level. Once this was resolved, June orders and deliveries were strong. Analyst Monika Garg kept her 61 price target on the stock.
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When will Tesla Model 3 be available? SRS Capital Advisors Inc. raised its position in shares of Tesla by 1,213.3% in the first quarter.
Let's briefly compare TeslaModel 3 to Model S. The Model 3 is smaller than and according to Elon Musk it's the more accessible version of the Model S. The Model 3 has more modest range and fewer functions than Model S. Tesla says the Model 3 will be equipped with an autopilot, but it will not have any other impressive features.
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