Tesla

Last night Tesla announced that the Model Y would be available in 2020. This morning we published a note indicating that the timing of Model Y was later than we expected. We also said, “This timing likely implies the company is…

The Tesla Model Y event went largely as expected (see our preview here). To our surprise, Model Y initial shipments will begin in the fall of 2020, a year later than we had anticipated. This timing likely implies the company…

Tesla unveils the Model Y tonight at 8PM PT. You can watch the stream here. The Model Y is important because entering the SUV/cross over market effectively doubles Tesla’s addressable market, but we caution it will likely take two years…

In September of last year, Volkswagen unveiled the electric vehicle platform they developed called the MEB. In a rare move in the auto-industry, they decided to open it to other manufacturers. Today, they announced the first user of the platform.…

This afternoon, Tesla announced that the long-promised $35k configuration of the Model 3 is available for order immediately. This is perhaps the most significant event for the US EV market since the announcement of the Model 3 in 2016. The…

Tonight, the SEC asked a judge to hold Elon Musk in contempt for tweeting that Tesla would produce 500k cars in 2019. The message was not approved by the company beforehand, which is one of the conditions from Musk’s settlement with the SEC…

Tesla reported Dec-18 mixed results, beating revenue but missing earnings. Shares are down 4% after hours, reacting mostly to news of CFO Deepak Ahuja leaving the company. Bottom line: the company’s fundamentals are trending in the right direction, and the list…

Believers in the Tesla story are accustomed to having their faith tested. Last week’s 7% headcount reduction, what appears to be an upcoming revenue and earnings guide down for Mar-19, and pending $920M debt payment due in March emphasize that point.…

Tesla reports its Dec-18 quarter on Wednesday, January 30th. As a recap, the company announced on January 2nd that it had produced 86,555 vehicles including 61,394 Model 3s in the Dec-18 quarter, essentially in line with the Street. Here is…

Today’s 13% drop in shares of TSLA diminishes the probability that the $920M note, due on March 1st, will convert to equity. If the stock fails to reach a share price of $360, the company will have to service the debt…

Tesla’s plan to reduce headcount by 7% does not change our long term view on the company. Note that Tesla increased headcount by 30% last year to ramp Model 3 production. Realized manufacturing efficiencies will allow the company to reduce headcount…

Tesla reported Q4 production and delivery numbers fractionally (<1%) below Street expectations. Separately, the company announced they have reduced the price of all models in the US by $2,000. These developments are psychological setbacks for investors looking to gain confidence in…