Wed, Feb. 11, 5:39 PM
- Tesla Motors (NASDAQ:TSLA) announces it delivered 9,834 vehicles in Q4. 11,627 vehicles were produced, leading the company to hit a 2014 production target of 35K Model S units.
- Q4 results were hurt by delayed Model S P85D deliveries caused by "a combination of customers being on vacation, severe winter weather and shipping problems." The company also blames "one-time manufacturing inefficiencies related to the introduction of P85D and Autopilot functionality, and the impact of the strong dollar."
- Tesla expects to ship 55K Model S and X units in 2015, yielding more than a 70% Y/Y increase in deliveries. 40% of the deliveries are expected in the first half of the year.
- Q4 non-GAAP gross margin was 26.7% vs. 23.0% in Q3 and 25.2% a year ago. Automotive gross margin was 22%. Operating expenses rose 15% from Q3 to $297M.
- Q1 production is only expected to be at 10K vehicles, and deliveries at 9.5K (+47% Y/Y). Automotive gross margin is expected to be at 26%, and operating expenses are expected to rise 12%-15% from Q4.
- Tesla took in $42M from powertrain sales during Q4 and $86M in regulatory credits. The company entered 2015 with over 10K Model S orders and nearly 20K Model X reservations.
- A conference call is scheduled for 7:30 PM ET (webcast).
- Tesla shareholder letter (.pdf)
- TSLA -2.4% after hours.
- Previously: Tesla misses by $0.44, misses on revenue
Wed, Feb. 11, 5:21 PM
Tue, Feb. 10, 5:35 PM
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Tue, Feb. 10, 3:54 PM
- Tesla Motors (TSLA -0.3%) sold only 120 cars in China during January, according to a report from Reuters.
- The mark falls below the expected pace for the region.
- A leaked memo from Tesla CEO Elon Musk has warned country managers that their jobs are at risk if performance isn't on a track to produce long-term positive cash flow.
- Shares of Tesla retreated from positive territory after the story broke.
- Previously: Tesla Motors to introduce new models in China (Jan. 26)
- Previously: Tesla China chief exiting (Dec. 12, 2014)
Tue, Feb. 10, 11:34 AM
- Some anecdotal evidence suggests a tug-of-war has broken out between Apple (NASDAQ:AAPL) and Tesla Motors (TSLA -0.5%) over top talent.
- Tesla has hired over 150 Apple employees across divisions, according to a Bloomberg report issued last week.
- But no reason for worry in Cupertino, Apple has hired about 50 engineers from Tesla in what a tipster tells Business Insider is a vehicle development project.
- The best guess from analysts is that the companies might compete on next-gen infotainment OS and vehicle-to-vehicle communication standards.
- If Apple were to make a strong entry into the automobile sector it opens up a few interesting questions for investors on where to place their bets.
Fri, Feb. 6, 3:47 PM
- Tesla's (TSLA -1.8%) stock price target is lowered to $200 from $220 at Barclays, which explains that its fundamental difference with TSLA bulls lies around the company's ability to become a successful mass-market OEM.
- While Barclays says the bulls would argue that TSLA will be the next Ford, it sees many challenges ahead for the company; upon revisiting its margin and delivery estimates, the firm says it is reminded again that "crossing that chasm is harder than it looks, especially in a new era of low oil prices."
- The firm warns that while TSLA eventually could reach double-digit operating margins, it thinks Wall Street may be underappreciating that margins will be suppressed at least through the end of the decade as TSLA increases R&D and SG&A investment to support its growth.
Tue, Feb. 3, 7:41 PM
- Automakers turned in an impressive U.S. sales tally for January with majors GM, Ford, Fiat Chrysler Automobiles, Honda, and Toyota all with double-digit sales growth.
- The gains weren't top-heavy as Subaru (+24%), Audi (+14%), Mitsubishi Motors (+33%), and even Porsche (+27%) all big gainers.
- Sales of lights trucks and SUVs rose 19.3% during the month, according to Autodesk.
- Average transaction prices were up 5.2% Y/Y on average, estimates Kelley Blue Book. GM and Ford both benefited on their ATP through a higher mix of SUVs and trucks.
- It wasn't a spectacular month for electric vehicle sales with demand for the Nissan Leaf falling off and the Tesla Model S an insignificant factor in the U.S. total.
- High-level automobile execs attributed the strong demand in part to the $2 gas price level seen across the U.S.
- Automaker stocks: GM, F, TM, HMC, TSLA, OTCQX:VLKAY, OTCPK:DDAIF, OTC:HYMLF, OTCPK:BAMXY, OTCPK:MMTOF, TTM, OTCPK:MMTOF, OTCPK:SZKMY, OTCPK:FUJHY, OTCPK:GELYF, FCAU, OTCPK:NSANY, OTCPK:DDAIF.
Mon, Feb. 2, 11:16 AM
- Global Equities Research increases its price target on Tesla Motors (TSLA +3.8%) to $385 after factoring in the impact of a strong U.S. dollar on the EV automaker's bottom line.
- The investment firm estimates 70% of Tesla's component costs are from international suppliers which gives it a nice tailwind for 2015 profitability.
- Though the mix of Tesla sales is roughly 50-50 between domestic and international, Global Equities thinks many global buyers for Tesla vehicles are performance-sensitive and will absorb some of the dollar impact on local price.
- SA contributor Nick Cox has the other side of argument. He warns the strong USD is an immediate concern for Tesla in Japan and Australia.
Sat, Jan. 31, 10:39 AM
- Automakers need to address the issue of how to sell to millennials, according to data from TrueCar.
- The group is projected to purchase 4.24M vehicles in 2015 to account for close to 25% of the total new car market in the U.S. That's a percentage that will stay on the rise over time.
- A few things to keep in mind about millennials.
- They have an indie spirit that can veer away from dominant brands. Just ask McDonald's or Anheuser-Busch InBev.
- They are early adopters of new technology. Just ask the cable companies.
- They don't take their marching orders from Madison Avenue on what products are on-trend. Just ask Abercrombie & Fitch.
- Millennials are likely to have a lot to say with the critical question on if electric batteries or hydrogen fuel cells (Tesla vs. Toyota) emerge as the dominant alternative energy source for the industry.
- Automaker stocks: GM, F, TM, HMC, OTCPK:NSANY, TSLA, OTCQX:VLKAY, OTCPK:DDAIF, OTC:HYMLF, OTCPK:BAMXY, OTCPK:MMTOF, TTM, OTCPK:MMTOF, OTCPK:SZKMY, OTCPK:FUJHY, OTCPK:GELYF, FCAU.
Thu, Jan. 29, 1:40 PM
- Tesla Motors (TSLA +2.9%) will release Q4 and annual results after the market closes on February 11.
- Analysts expect revenue of $1.23B in Q4 and EPS of $0.31. The crowd at Estimize is higher at $1.289B rev and $0.49 EPS.
- Guidance from the automaker is for full-year 2014 deliveries of 33K.
- The bar on 2015 Model S deliveries was set by Tesla at 50K units.
- Key items to watch in the report will be sales growth in China, Gigafactory progress, and any change to the timetable for the Q3 introduction of the Model X.
Mon, Jan. 26, 8:42 AM
- Tesla Motors (NASDAQ:TSLA) aims to release the Model X SUV in China early in 2016, according to development exec Diarmuid O'Connell.
- The EV automaker will also introduce a dual-motor version of the Model S in the nation.
- Elon Musk warned at the Detroit Auto Show that Tesla's pace of sales in China was a bit behind original expectations.
- Previously: Tesla Motors roundup: Optimism, caution, and confusion (Jan. 21 2015)
- TSLA +0.2% premarket.
Wed, Jan. 21, 11:12 AM
- Morgan Stanley sticks with an Overweight rating on Tesla Motors (TSLA +2.2%) in a new note on the EV automaker.
- The investment firm lowers its price target by $10 to $280 after getting thrown off a bit by Elon Musk's projection of Tesla U.S. GAAP profitability in 2020 (MS had Tesla with $1.6B in GAAP profit by 2020).
- The Globe and Mail's Jeremy Cato thinks Tesla is exposed by Musk's prediction of delivering a "few million" vehicles by 2025. The writer notes industry veterans such as Nissan's Carlos Ghosn back the EV technology solidly without getting pinned down on sales projections.
- China remains a hard-to-grasp piece of the puzzle on Tesla (even to Musk). The cozy relationship between Google and SpaceX looks interesting with Tesla rival Leshi working on a new EV for the Chinese market with some help from the Mountain View company. Though Leshi hired a former Nissan top exec this week, most analysts see the company aiming at even higher pies in the sky than Tesla in China.
Tue, Jan. 20, 2:46 PM
- Global Equities Securities sticks with an Overweight rating and lofty $385 price target on Tesla Motors (TSLA -0.3%) as part of a new research report on the company.
- The investment firm predicts Tesla will create a unique energy storage industry through the Gigafactory development that could be worth as much as $50B.
- In its past bullish calls on Tesla, Global Equities took the long view that Model S demand is well-ahead of supply in dismissing quarterly production numbers.
Thu, Jan. 15, 8:08 AM
- "It’s time to introduce a hydrogen era," said Prime Minister Shinzo Abe in Tokyo as he announced a government initiative to build out a self-service hydrogen network of stations.
- The development comes only two days after Tesla Motors (NASDAQ:TSLA) CEO Elon Musk called hydrogen a "dumb" energy storage system.
- Toyota (NYSE:TM) is the pioneer in the FCV field and is building 1.5K Mirai vehicles for the Japanese government. Though taking a cautious approach to rolling out production, the world's top-selling automaker isn't ruling out selling hydrogen cars in all markets eventually.
- Review: Car and Driver's deep dive into the Toyota Mirai FCV.
- Related: Toyota opens up 5680 patents on fuel-cell technology to other automakers.
- What to watch: Abe has endorsed larger fuel-cell subsidies than those offered for electric vehicles in China, Europe, and the U.S. Will more governments take a side in the hydrogen vs electric battle setting up in the automobile industry?
- Related stocks: F, GM, OTCPK:NSANY, OTCPK:BAMXY, OTCPK:DDAIF, KNDI, HMC, OTCPK:MZDAY, OTCPK:SZKMY, OTCPK:FUJHY, OTCPK:MMTOF
Wed, Jan. 14, 9:17 AM
Wed, Jan. 14, 8:34 AM
- Tesla Motors (NASDAQ:TSLA) trades lower following Elon Musk's Detroit Auto Show talk as investors hone in on the pushed-out production timetable.
- The EV automaker could introduce the Model 3 by 2017, but high-volume production on the car appears to be further down the road.
- Musk sees a run-rate of a few million cars by 2025 and profits for the company by 2020.
- There's a dose of reality on the costs of the Gigfactory as well. The state of Nevada is in for a "few" hundred million - not the $1.5B which has been bandied around.
- Picking fights? Musk on Toyota's fuel-cell vehicles initiative: "If you're gonna pick an energy storage system, hydrogen is a dumb one."
- Reaction: Baird calls the slide in Tesla shares a knee-jerk reaction and thinks investors should buy at current levels.
- The investment firm has been in a solid defensive stance all week, titling a report on the GM electric Bolt development "I've Always Wanted a Chevy? We Think Not."
- TSLA -8.9% premarket to $186.05 vs. the consensus analyst PT of $273.08.
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