Fri, Aug. 7, 6:41 PM
- Tesla (NASDAQ:TSLA) was downgraded today to Sell from Hold with a $225 price target by S&P Capital IQ analyst Efraim Levy, who says he is "concerned about near-term margin pressure and cash flow needs," although he foresees rapid automotive profit growth through 2017.
- Levy reduces his 2015 earnings estimate by $1.12 to a loss of $0.67/share, and cuts 2016 EPS by $1.25 to $2.50.
- In its recent earnings call, TSLA "didn't quite say they would... need to issue additional equity, but there's the potential for additional equity" to fund its near-term capital needs, Levy tells Investor's Business Daily.
- TSLA fell 1.5% today and has shed 10% since reporting Q2 earnings after the close Wednesday.
Fri, Aug. 7, 2:46 AM
- Tesla (NASDAQ:TSLA) has released a clip of its Snakebot prototype - an autonomous car charger that's capable of plugging itself in.
- "The video is just an example of some of the cool stuff we're always working on behind the scenes," Tesla told CNBC, but wouldn't reveal when or if the prototype would be available soon for purchase.
- The device takes roughly 30 seconds to go from its upright position to connecting with the Model S.
Thu, Aug. 6, 9:15 AM
Thu, Aug. 6, 8:18 AM
- Cybersecurity researchers took control of a Tesla Motors (NASDAQ:TSLA) Model S vehicle remotely in the latest demonstration of vulnerabilities in the automobile industry.
- The hacking details will be revealed at a cybersecurity conference later this week, although Tesla has reportedly already issued a software patch to fix the exposure.
- Shares of Tesla are down 7.65% premarket to $249.50 following yesterday's Q2 earnings report which included a drop in 2015 delivery guidance.
- Previously: Hacking concerns take center stage in automobile industry (Jul. 31 2015)
- Previously: OnStar is on deck for hacking demo (Aug. 05 2015)
Wed, Aug. 5, 4:44 PM
- Tesla Motors (NASDAQ:TSLA) announces it delivered 11,532 vehicles in Q2 vs. the pre-announced level of 11,507. Annual guidance is now for 50K-55K units delivered this year, a drop from the prior view for a straight 55K.
- The company says it produced 12,807 vehicles in the quarter.
- Q2 revenue included $27M of regulatory credit funds ($14M ZEV sales).
- Q2 non-GAAP gross margin was 23.4% to miss guidance as higher manufacturing and part costs factored in.
- Q3 gross margin is expected to be similar.
- Annual capex spending guidance is kept level at $1.5B.
- A "small" number of Model X deliveries are expected in Q3. There's a note on the same assembly line being used for the Model X and Model S that could raise some questions.
- The Model S average selling price is expected to drop about 100 bps in Q3 on a product mix and F/X conversions.
- Tesla Energy is expected to ramp up in Q4. Details expected on the CC.
- The conference call is scheduled for 5:30 PM ET (webcast).
- Tesla shareholder letter (.pdf)
- Previously: Tesla beats by $0.12, beats on revenue
- TSLA -6.4% after hours to $253.01.
Wed, Aug. 5, 4:35 PM
Fri, Jul. 31, 1:50 PM
- The NHTSA is investigating if other automakers are at risk of hacking attacks after 1.4M Fiat Chrysler automobiles were recalled last week due to an exposure highlighted in Wired magazine.
- The regulator plans to focus on if wireless components supplied to Fiat are also used in other vehicles on the road in a way that isn't fully secure from remote access.
- The U.S. Copyright Office is also a major player in the hacking drama. This fall the government body will rule on if third-party researchers can access components and software to check for vulnerabilities. The open source vs. proprietary debate will be familiar to tech investors.
- Previously: Automakers start to tackle hacking issue (Jul. 23 2015)
- Previously: More security flaws seen in connected vehicles (Jul. 31 2015)
- Previously: Hacking demo leads to recall of 1.4M Fiat Chrysler vehicles (Jul. 24 2015)
- Automaker stocks: GM, F, TM, HMC, TSLA, OTCQX:VLKAY, OTCPK:DDAIF, OTC:HYMLF, OTCPK:BAMXY, OTCPK:MMTOF, TTM, OTCPK:SZKMY, OTCPK:FUJHY, OTCPK:GELYF, FCAU, OTCPK:NSANY, OTCPK:DDAIF, OTCPK:MZDAY, TSLA.
Fri, Jul. 31, 8:30 AM
- Tesla Motors (NASDAQ:TSLA) is close to releasing a software update covering highway autosteering and parallel parking, according to CEO Elon Musk.
- Musk says the company is working out contrast details in the case of a vehicle driving into the sun at dusk on a road with faded markings.
- Similar autopilot systems are being advanced by several major automakers. Analysts expect the technology to be a strong selling feature, although there is a cautious stance due to the implications of a road mishap tied to self-driving technology.
- TSLA +0.27% premarket to $267.51.
Wed, Jul. 29, 3:32 PM
- Tesla Motors (TSLA +0.1%) announces it will offer a referral program as an experiment through October 31.
- Owners can earn a $1,000 discount by referring a new customer to the automaker.
- The referral initiative follows an update by the EV automaker on models, battery options, and adjustment on some pricing points earlier this month.
- Previously: Tesla Motors delivers new battery option and updates on models (Jul. 17 2015)
Wed, Jul. 29, 8:54 AM
- Tesla Motors (NASDAQ:TSLA) is expanding its demographic reach through the used car market, according to analysis from Edmunds.com.
- Used Model S buyers skew younger and dip into lower income brackets, a trend analyst Jessica Caldwell calls "essential" for a brand aiming for the mass market with future models.
- Caldwell notes the response to the Model S in the used market is at an "unusually" high level for a luxury model.
- TSLA is flat in premarket trading, holding at $264.56.
Mon, Jul. 27, 9:43 AM| Mon, Jul. 27, 9:43 AM | 102 Comments
Tue, Jul. 21, 7:29 AM
- Tesla Motors (NASDAQ:TSLA) is clipped in early trading from by an UBS downgrade on the company to a Sell rating.
- The investment firm warns Tesla's current market valuation implies storage and auto volume growth targets that may be out of reach.
- UBS trims its price target to $210 from $220.
- TSLA -4.03% premarket to $270.88 after a brisk three-day rally pushed shares over $282.
Sun, Jul. 19, 9:43 AM
- Major automakers face pressure from a drop in demand in China amid economic weakness. Deliveries turned negative in June for the first time since February of 2013 and the China Association of Automobile Manufacturers now expects industry sales growth of 3% vs. a prior forecast of 7%. Vehicle sales were up 1.4% to 11.85M units during 1H.
- Volkswagen (OTCQX:VLKAY) relies on China for half of its net profit and 71% of free cash flow. Credit Suisse notes the China factor gives the German automaker the punch to make a dividend possible.
- General Motors (NYSE:GM) churned up 40% of its new income and 20% to 30% of its operating cash flow from China, according to an estimate from Barclay tied to its downgrade of GM earlier in the week. Goldman Sachs and Buckingham Research have also recently cut profit estimates on GM.
- Ford (NYSE:F) cut its sales outlook for the China auto market to 24M-26M vehicles after Q1. The company could revise the broad forecast lower again with its Q2 report on July 28 and reset its own sales expectations.
- There's been some pricing cuts by the Japanese automakers (OTCPK:NSANY, TM, HMC, OTCPK:MZDAY, OTCPK:SZKMY, OTCPK:FUJHY, OTCPK:MMTOF) and German high-end sellers (OTCPK:BAMXY, OTCPK:DDAIF) as they adjust to the "new normal" in China.
- Tesla Motors (NASDAQ:TSLA) is still trying to get out of first gear in China. The reception to the Model X debut next year and the impact of EV subsidies are key factors.
- Domestic automakers (OTC:CQCAF, OTCPK:GWLLF, OTCPK:GWLLY, OTCPK:GELYF, OTCPK:GELYY, OTCPK:BYDDY, OTCPK:BYDDF, OTCPK:DNFGY, OTCPK:DNFGF) have increased market share in China this year in key segments, but are feeling the same pinch from the drop in expected overall demand.
Fri, Jul. 17, 2:40 PM
- Tesla Motors (TSLA +2.4%) gives Model S owners a new option with a $3K battery upgrade to a 90-kilowatt version.
- Range is extended to 300 miles at 65 mph with the new battery.
- CEO Elon Musk promises "ludricious" mode with a software update which helps deliver 0-to-60 acceleration in 2.8 seconds. The time drops to around 3.2 to 3.3 seconds for the Model X SUV.
- The price on the single-motor Model S drops to $70K.
- Musk says the company is focused on making "awesome" cars - instead of directly commenting on the impact on sales of the Model S upgrades.
- Separately, Tesla states the Model X is on track for deliveries starting in two months. The Model 3 is still a bit more than two years off.
- Shares of Tesla moved lower during the course of the call and model update, but are nearly back to where they started at the top of the hour.
Fri, Jul. 17, 12:04 PM
- A fresh tweet from Elon Musk indicates a product conference call scheduled for 2:00 pm EST by Tesla Motors (TSLA +2.3%) will be focused on the Model S.
- Early speculation on the Tesla event centered on a Model X revelation or Gigafactory update.
- Previously: Tesla sends invites for July 17 event featuring Musk; shares higher (Jul. 16 2015)
Thu, Jul. 16, 6:58 PM| Thu, Jul. 16, 6:58 PM | 143 Comments
Other News & PR