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Tesla 2019 Starting Very Slowly

Feb. 11, 2019 3:38 PM ETTesla, Inc. (TSLA)386 Comments
Bill Maurer profile picture
Bill Maurer


  • European deliveries coming in low numbers so far.
  • Will Tesla pull more levers to boost March sales?
  • Growth plans don't seem to be on track again.

As we start a new week of trading, we are just a few days away from being halfway through the first quarter of 2019. For Tesla (NASDAQ:TSLA), this was always going to be a tough period as U.S. sales fell after the tax credit was halved and Model 3 deliveries took a while to reach other parts of the world. While a variety of numbers should eventually pick up, the question so far is have they been pushed back too much for targets to be hit in Q1?

Last week, the first ship headed to Europe made port, but it was estimated that it only contained 1,400 Model 3 units. The second ship was originally expected to arrive on February 7th, but it has been pushed back twice and now should be there on Monday the 11th. We have seen almost 100 units registered in the Netherlands this month so far, but through Sunday, no Model 3 units had been registered in the key country of Norway. Competition is starting to ramp up a little there, however, as seen in the following registration data:

  • Hyundai Kona: 94 for February, 423 so far this year.
  • Jaguar i-Pace: 85 for February, 165 so far this year.
  • Audi e-tron: 91 for February, 99 so far this year.
  • Kia Niro: 36 for February, 63 so far this year.

Through Sunday, things weren't looking too good for the Model S/X either. In Norway, the total so far was 204 units for the year, as compared to 238 in the prior year period. It will be even tougher to match last year's Norway March figure of more than 1,400 units thanks to the discontinuation of the 75 kWh battery pack versions. In the Netherlands, it was even worse, with roughly 15 units delivered in January against 233 a year ago. If Tesla wants to

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Bill Maurer profile picture
I am a market enthusiast and part-time trader. I started writing for Seeking Alpha in 2011, and it has been a tremendous opportunity and learning experience. I have been interested in the markets since elementary school, and hope to pursue a career in the investment management industry. I have been active in the markets for several years, and am primarily focused on long/short equities. I hold a Bachelor of Science Degree from Lehigh University, where I double majored in Finance and Accounting, with a minor in History. My major track focused on Investments and Financial Analysis. While at Lehigh, I was the Head Portfolio Manager of the Investment Management Group, a student group that manages three portfolios, one long/short and two long only. I have had two internships, one a summer internship at a large bank, and another helping to manage the Lehigh University Endowment for nearly a year. Disclaimer: Bill reminds investors to always do their own due diligence on any investment, and to consult their own financial adviser or representative when necessary. Any material provided is intended as general information only, and should not be considered or relied upon as a formal investment recommendation.

Analyst’s Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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