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Tesla Motors (TSLA)

  • Wed, May 6, 5:43 PM
    • Tesla (NASDAQ:TSLA) produced 11,160 vehicles in Q1, down slightly from Q4's 11,627 but beating guidance of 10K. 10,045 vehicles were delivered, close to the 10,030 previously announced and up from Q4's 9,834.
    • The company expects to deliver 10K-11K vehicles in Q2, below estimates of ~12K. But it still forecasts 55K 2015 Model S and X deliveries. Q2 production is expected to total 12.5K. The Model X is on track to see deliveries start in late Q3.
    • Model S average transaction price is expected to drop Q/Q in Q2 thanks to a weak euro (a 100+ bps gross margin impact is expected). Tesla has responded by hiking European prices by ~5%. Operating expenses are expected to rise 10% Q/Q in Q2, and 45%-50% Y/Y in 2015. The 2015 capex budget is still at $1.5B.
    • Financials: Q1 gross margin (non-GAAP) was 28.2%, up from Q4's 26.7% and Q1 2014's 25.2% in spite of a strong dollar, and contributing to the EPS beat. Auto gross margin (exc. ZEV credits) was 26%, and services/other gross margin -3.2%; Tesla expects the latter to be slightly above breakeven in Q2. R&D spend +117% Y/Y to $147.4M; SG&A spend +82% to $147.4M. The company ended Q1 with $1.51B in cash, down $396M Q/Q thanks to $426M in capex.
    • Other details: 1) Order rates are said to have "accelerated even further" in Q2 thanks to greater availability of the Model S 85D and 70D. 2) Volume production for Tesla's home/commercial batteries is expected to start in Fremont, CA in Q3, and expand to the Gigafactory in Q1 2016. 3) To lower costs, Tesla is now shipping cars via rail rather than trucks in more regions, and "producing cars based on a uniform regional production mix."
    • TSLA +1.7% AH to $234.26.
    • Q1 results, shareholder letter (.pdf)
  • Wed, May 6, 4:35 PM
    • Tesla (NASDAQ:TSLA): Q1 EPS of -$0.36 beats by $0.14.
    • Revenue of $939.9M (+51.5% Y/Y) misses by $100.1M.
    • Shares +2.4%.
    • Press Release
  • Mon, May 4, 11:28 AM
    • There's no rest for debate on Tesla Motors (TSLA +2.2%) with the creation of Tesla Energy still being analyzed and the company due to report Q1 earnings on Wednesday.
    • Credit Suisse calls the battery business of the company more evolved than it anticipated in a new note to investors. Tesla Energy helps offset some risk from the automotive side and sets shares up for a "strong run" over the next 12 months, reasons CS.
    • The premise that Tesla has the home battery field to itself is taken on in a Reuters article which notes upstarts and tech heavyweights are dabbling with similar systems without the same degree of fanfare.
    • Tesla watchers also have a new set of data points to analyze after the company launched a pre-owned program for Model S owners to accompany a similar initiative for used Roadsters.
    • Shares of Tesla still trade near 2015 highs.
    • Tesla earnings preview
    • Previously: Tesla Energy launches with a charge (May. 01 2015)
  • Fri, May 1, 1:38 PM
    • To much fanfare, Tesla (NASDAQ:TSLA) has unveiled a line of batteries for homes, businesses, and utilities that store energy produced by solar panels. The wall-mounted home system, known as the Powerwall, is about the size of a suitcase. A 7kWh version goes for $3,000, and a 10kWh version for $3,500.
    • SolarEdge (NASDAQ:SEDG) is acting as Powerwall's inverter supplier. Tesla asserts its solution (developed with SolarEdge) will "will require only a single SolarEdge inverter to manage both PV and storage functions."
    • Also: Top SolarEdge client SolarCity is launching solar storage services for homes, businesses, and microgrids that rely on Tesla's batteries.
    • SolarEdge is now up 34% from its $20 March IPO price. The company's FQ3 report (its first earnings report as a public company) arrives on May 7.
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  • Fri, May 1, 8:47 AM
  • Mon, Apr. 27, 9:54 AM
    • Deutsche Bank is positive on the impact of Tesla Motors (TSLA +4.9%) entering the home energy and presents an upside outlook ahead of the consensus Street view.
    • "The bull case would be that this business could potentially add $5 to our 2020 EPS estimate of $20. At 20x P/E, this would equate to $100 per share," reads the note from DB.
    • Tesla is rated a Buy at Deutche with a price target of $245.
    • Shares of Tesla are at 2015 highs on pre-announcement enthusiasm.
    • Thursday is when the company makes its presentation.
    • Previously: Energy storage potential a big question with Tesla Motors (Apr. 22 2015)
    • Previously: Tesla Motors preps for energy storage launch (Apr. 23 2015)
  • Tue, Apr. 14, 9:41 AM
    • Morgan Stanley is out with new a set of estimates on Tesla Motors (NASDAQ:TSLA).
    • The investment firm sees Q1 EPS of -$0.77 vs. -$0.48 consensus.
    • FY15 and FY16 EPS estimates are set by MS at -$2.30 and $1.40 vs. consensus $0.58 and $3.99, respectively.
    • Morgan sees Tesla delivering 51K vehicles this year to miss the 55K units it guided to deliver.
    • Most Model X deliveries will be in Q4, predicts analyst Adam Jonas.
    • There's been some hyperbole out of MS on Tesla in the past which increases the drama of extending out the profitability and Model X forecasts.
    • Shares of Tesla are down 0.71% to $208.30 in early trading.
  • Mon, Apr. 6, 8:44 AM
    • Shares of Tesla Motors (NASDAQ:TSLA) are getting a lift in early action from the automaker's Q1 delivery update released last Friday.
    • The company previously set guidance at 55K units for the year with 60% of the deliveries targeted for the second half.
    • Bulls are pointing to the 55% Y/Y growth, while bears are focusing on the Q/Q delivery growth rate and margins.
    • Tesla didn't issue any color on if it was impacted by the West Coast port slowdown during the quarter.
    • TSLA +4.14% premarket to $198.90.
  • Mon, Mar. 30, 12:45 PM
    • Elon Musk says Tesla Motors (NASDAQ:TSLA) will unveil a "major" new non-automotive product line during a presentation at the Hawthorne Design Studio on April 30.
    • The exec also tweeted out a quick note of confidence on the EV automaker's prospects in China.
    • Product-guessing should keep Tesla watchers busy for the bulk of April.
    • Shares of Tesla moved higher off the development and are now +2.3% for the day after sitting in negative territory.
  • Wed, Mar. 25, 8:55 AM
    • Tesla Motors (NASDAQ:TSLA) is cut to an Underperform rating by CLSA.
    • Snippets from the analyst note are below.
    • "Based on discussions with the company and initial margins for the Model S, we believe Model X margins in 2H15 will be more dilutive than previously thought."
    • "We believe the stock could continue to underperform this year, as investors debate Tesla's demand and earnings trajectory."
    • "Longer term, though, we continue to believe the stock is attractive."
    • CLSA lowers it price target to $220 from $275.
    • TSLA -1.69% premarket to $198.32.
  • Thu, Mar. 19, 12:30 PM
    • A Tesla Motors (NASDAQ:TSLA) conference call today focused heavily on software upgrades and self-driving car features.
    • The company announced a new over-the-air software update will include a range assurance alert to guide Model S drivers when they need to recharge.
    • The feature will make it nearly impossible to run out of range, promises CEO Elon Musk.
    • The CEO calls driving range of 250 miles to 300 miles the "sweet spot" for the EV industry.
    • A trip planner will also be an add-on.
    • The upgrade will unveil Tesla's automatic emerging braking feature which will be included in all future models.
    • Blind spot and collision warnings are part of the new platform as well as auto steering.
    • The EV automaker shows it's near the lead in the autonomous driving car race with a new "summon" feature that will bring your car to you. Self-parking is also an option.
    • The Model X will arrive this summer, says Musk.
    • No company financial information was discussed during the call.
    • Shares of Tesla are down 1.23% to $198.45 and sit on their lows.
  • Tue, Mar. 10, 12:48 PM
    • Tesla Motors (TSLA +1.2%) is higher on the day on solid volume after starting off in negative territory.
    • A Tesla presentation at the ROTH Conference in California on the Gigafactory is shifting some focus away from the automaker's struggles in China.
    • The early part of the presentation has covered the potential of the Gigafactory without going into specifics.
    • Last week, CEO Elon Musk tweeted a link to a picture of the Nevada site in an  attempt to show construction was firmly on target.
    • Shares of Tesla are down 13.3% YTD.
    • ROTH Conference webcast
  • Fri, Mar. 6, 3:59 PM
    • Tesla (TSLA -3.4%) says construction of its Nevada Gigafactory remains on schedule despite a report from a local newspaper that said the project was delayed.
    • The International Brotherhood of Electrical Workers union had posted on a jobs board that the construction project had been cut back 80%, according to a report in the Reno Gazette-Journal.
    • The plant, which may cost as much as $5B, is designed to more than double the world’s supply of lithium-ion batteries, driving down costs and making electric cars more affordable.
  • Mon, Mar. 2, 10:49 AM
    • Tesla Motors (NASDAQ:TSLA) is down 3.17% to $196.88 on above-average volume.
    • The last few times Tesla shares have slid under the $200 mark there has been enough support to lend a relatively quick recovery, although Tesla skeptics think this time around is different.
    • The release of Tesla's 10-K late last week has been the biggest story over the last few days.
    • 10K-sleuthing: Barclays noted earlier today that Tesla is now building cars beyond the number of orders it has piled up and that gigafactory costs are only in their infancy. The WSJ dug out that Tesla staffing went up 73% Y/Y to 10,161 and the R&D spend was up 100.3%. On a per-vehicle basis, advertising and marketing costs rose 273% to $1,493. Some hints on the Model X were viewed as favorable.
    • Tesla Annual Report
  • Thu, Feb. 26, 11:33 AM
    • Tesla Motors (NASDAQ:TSLA) is up over 3% on a volume spike off a shaky rumor linking Apple to the EV automaker.
    • It's possible that algorithm trading kicked in when a Chinese site titled an article "Apple's acquisition of Tesla" and ran loose with some speculation.
    • Here's the Chinese site which kicked off the buzz and the Google Translate version which doesn't show much fruit on the Apple tree.
  • Mon, Feb. 23, 10:04 AM
    • Bank of America Merrill Lynch thinks Tesla Motors (NASDAQ:TSLA) won't be able to divert the attention of investors away from quarterly numbers to focus on long-term potential for much longer.
    • In a biting note, analyst John Lovallo calls into question the thesis that Tesla is a production-constrained company without any demand worries.
    • The investment firm and Lovallo have rode an Underperform rating on Tesla since 2013 when shares traded in the $30s.
    • Lovallo and Morgan Stanley's Adam Jonas are at polar opposites in the Tesla debate.(See: Tesla Motors: Model X out in the wild, another bull call from MS)
    • BAML chiseled its price target on the EV automaker down to $65 from $70.
    • Shares of Tesla are -1.35% to $214.39 on strong volume in early trading.
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Company Description
Tesla Motors Inc designs, develops, manufactures and sells high-performance fully electric vehicles and electric vehicle powertrain components.