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Tesla
Gene Munster
A Tesla Razor and Blades Model Is Unlikely
Tesla's March quarter results took backstage to Elon Musk's earnings call comment that the company could sell vehicles (the hardware) at no profit because they could make "tremendous economics in the future through autonomy" software. This razor and blades model would require investors to rethink the Tesla investment case. In the end, I believe the company will strike a balance between margins and growth similar to what was just reported.
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Tesla
Gene Munster
Changes to EV Tax Credits Postpone US Electrification Independence
The DOE announced changes that make it easier for car makers to qualify for EV tax credits by adding Japan and South Korea to countries that can supply the anode and cathode to battery cells assembled in the US. This is a long-term headwind to the US gaining electrification independence.
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Redwood Materials
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Tesla
Tesla’s Master Plan 3: Details Are Vague, Leadership Is Clear
Tesla’s investor day ended up being mostly about illuminating the wide lead Tesla has on other car makers. The much-anticipated topic of a Master Plan 3 outline left me with more questions than answers. We do know it will include at least two new models that are, at the earliest, a couple of years away. Big picture; investor day gave me confidence Tesla remains comfortably ahead of other automakers and has a plan for how to significantly ramp deliveries.
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Tesla
Gene Munster, Rebecca Mulberg
Tesla Is Well Positioned to Navigate an Economic Storm
Tesla's December quarter earnings was all about the company's 2023 outlook after the recent price cut threw a wrench into how investors should think about the trade-off between deliveries and profitability. The essence of the guidance calls for 50% delivery growth this year, ahead of the Street's 37% target and gross margin ex credits of above 20%, compared to the concern of many investors that they would dip into the high teens. The bottom line: The company appears to have made the right decisions to successfully navigate what will likely be a difficult year for the auto industry.
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Tesla
Gene Munster, Rebecca Mulberg
Tesla Hammers its Margins and Competition
When Tesla announced in early January that they would cut car prices in China by about 13%, I began to anticipate price cutting in other countries as well. What was most surprising about the news was the magnitude of price…
3-Minute Read
Tesla
Gene Munster, Rebecca Mulberg
Tesla’s Down but Not Out
Tesla has had a horrible four months, highlighted by shares being down about 65%. While several factors played into the stock’s free fall, I believe the biggest reasons were expectations for slowing demand and its negative impact on profits. The…
4-Minute Read
Tesla
Deepwater
Deepwater’s 2023 Predictions
Over the last six years, we’ve made a habit of offering a few predictions for the year ahead. Here’s what we’re anticipating for 2023: We believe that FAANG will outperform the S&P in 2023. In 2022, the S&P 500 is…
6-Minute Read
Apple
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Meta
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Netflix
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Tesla
Gene Munster, Rebecca Mulberg
Tesla Puts Semi Makers on Notice
After more than five years in development, Tesla has officially delivered its first Semi to PepsiCo—a milestone that will be a wake-up call to the trucking industry. The next five years are likely to be a windy road for traditional…
2-Minute Read
Tesla
Gene Munster
Cook’s Crisis Management Superpower
Tim Cook knows that the art of diplomacy is letting someone else have it your way. Recently, Elon Musk declared war on Apple over App Store fees and content moderation. In 2021, the company faced similar pressure in a case…
3-Minute Read
Apple
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Tesla
Gene Munster, Steve Van Sloun
Battery 101: Battery Summit Takeaways
In November, we attended the Piper Sandler Battery Summit. The event hosted 20 panelists in the battery world, from raw materials providers to cell manufacturers and downstream customers. Money managers are beginning to identify battery tech as a growth wave…
3-Minute Read
Redwood Materials
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Tesla
Gene Munster, Rebecca Mulberg
Battery 101: What’s Next in Batteries?
The bottom line: While tech followers await in anticipation of the next battery tech breakthrough, it’s likely that the rate of improvement will prove to be incremental and continuous. We will still refer to the batteries in EVs as lithium-ion…
6-Minute Read
Redwood Materials
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Tesla
Gene Munster, Rebecca Mulberg
Elon Musk Will Always Be Tesla’s Technoking. So, Who Will Be Its Next CEO?
Testimony at Elon Musk’s 2018 compensation trial revealed that the Tesla board has identified a potential successor for the role of CEO. This shouldn’t come as a surprise because it’s good corporate governance. Avoiding the discussion of succession plans would…
3-Minute Read
Tesla
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