Tesla, Inc. TSLA reported Record deliveries for the September quarter, however, this was below estimates by most analysts.
Logistic jump in pace, says Ives: Tesla clearly had supply issues in the quarter, with some isolated weaknesses in China, according to the Wedbush analyst Daniel Ive said in a note.
“While Tesla’s argument (in PR) makes sense on paper, the road won’t be convinced,” the analyst said. He sees investor concerns about demand issues lingering until Tesla issues year-end unit guidance at its earnings call on Oct. 19.
Ives said he believes unit setup is very robust in the fourth quarter and could be approaching massive numbers in the region of over 475,000.
“In short, this quarter was nothing special and the road will be disappointed with the weaker Q3 shipment number,” Ives said.
However, he viewed the softness in Q3 as more of a logistical speed bump than the start of a softer supply curve into Q4 or 2023.
Wedbush’s Ives maintained an Outperform rating on Tesla shares and a price target of $360.
Growth story intact: Münster: Loup fund Gene Munster said he buys the company’s statement that there were more vehicles on the road than normal at the end of the quarter and that they will appear in December’s figures.
The 343,000 cars Tesla shipped represented a 42% year-over-year growth, and the growth rate, Munster said, would be twice that of the rest of the industry.
“The Tesla growth story seems intact,” he added.
Musk joins the quarter-end rush: With Tesla discussing logistical issues in delivery update, CEO Elon Musk offered his thoughts on the Rush at the end of the quarter.
Passing by the handle @WholeMarsBlog, a Twitter user said the quarter-end delivery spree was bad for the team and customers and not…
