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Tesla Inc. (TSLA) Receives Hold Rating from KeyCorp
07 July 2017, 12:43 | Ruby West
Tesla says more of its vehicles were sold in latest quarter, but were in transit
Tesla investors have sent the stock up above the $300 level due to the optimism surrounding the release of the Model 3 after it received nearly half a million in pre-orders. Making 30 cars the first month is an accomplishment of sorts. It enjoyed a 117 percent rise from its post-election low into its late June high, thanks to growing excitement over the Model 3 launch, widespread belief in unrealistic production estimates (second chart below, courtesy of Bloomberg), and the "reality distortion field" surrounding CEO Elon Musk as he touts everything from a Tesla semi-truck to trolling his skeptics on Twitter.
Tesla had a rough second quarter selling only 22,000 cars which were fewer than Tamberrino's forecast of 23,500 deliveries. By 2018, the company aims to produce a total of half a million cars which is a huge jump from their production of 76,000 cars previous year falling short of their 80,000 target.
His company has established itself as a major player in the luxury vehicle game but Musk wants more, as he eyes mainstream dominance as well. The selloff comes on the heels of an all-time high of $386.99 recorded in June.
Good news for #Electric auto lovers especially those who placed an order for a #Tesla Model 3 vehicle. The model is said to run for 215 miles per charge and can run from zero to 60 mph in 6 seconds.
"While it is nice to see Tesla finally hit a stated target on time, we question whether 30 vehicle deliveries essentially built by hand count as "mass production" and we also are surprised that this "mass market" vehicle does not have official photos, options, pricing or really any details available", Jeff Osborne of Cowen and Co. wrote in note to clients Wednesday.
And Tesla'sModel S once again fell short of the top rating in a key crash test by the Insurance Institute for Highway Safety, which mean it failed to achieve the rank of IIHS Top Safety pick, the agency announced Thursday. When paired with VolvoCar Group's vow to electrify its lineup in the coming years, investors demonstrated their concern both about execution and competitive risk. August production "should be" 150 cars, he said, and he projected more than 1,500 of the vehicles will be made in September.
At least one analyst believes Tesla is in an enviable position compared to other automakers. If those sales decline by 16% to around 100,000 units we expect our valuation of Tesla to fall by around 5%.
The Tesla Model 3 is now priced at $35,000 and is set to begin production this July.
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