Tesla has faced a challenging quarter, marked by a significant drop in sales and deliveries, leading to a decrease in its market value and adjustments in financial forecasts by analysts. The company's difficulties stem from various factors, including temporary logistical issues, rising competition, a slowdown in the overall electric vehicle (EV) sales growth, and an aging product lineup. Analysts from Truist and HSBC have adjusted their financial forecasts for Tesla, with Truist cutting its target to $176 due to a miss in Q1 delivery by a huge margin and lower estimates for 2024/25, while HSBC maintains a Reduce rating on the company. Additionally, Tesla has lost a third of its value this year, with JPMorgan cutting its price target due to growth concerns highlighted by the delivery miss. The company reported its first significant drop in deliveries since the pandemic, despite sizable price cuts, indicating a pivotal moment for Tesla's growth narrative. Tesla's market share in Asia's largest economy has also decreased, further complicating its position in the EV market. Amid these challenges, Tesla has canceled plans for a low-cost car, focusing instead on developing self-driving robotaxis. This decision has led to a further decline in Tesla's stock, down 5%, with reports indicating a shift in the company's strategy towards robotaxis and away from expanding its product lineup with more affordable options. In response to inventory buildup, Tesla slashes prices of its best-selling vehicle in a bid to clear its biggest-ever stockpile.
Podcast: Tesla Q1 results, Model 3 Ludicrous, Silverado EV RST electric pickup, more https://t.co/vZqALqD4s3
Tesla shares decline following report that lower-cost ‘Model 2’ plan was shelved https://t.co/Y2KbGpHFXy
Tesla Offers Steep Discounts on SUVs Piling Up in Inventory https://t.co/d6AKyrSZwn
⚠️ TESLA'S BUMPY RIDE, CAPTURED IN FIVE CHARTS Full Story → https://t.co/IS6h4wwPMo Tesla's reported move to scrap plans for a low-cost car marks the latest disappointment for investors who have dumped shares of the automaker this year on worries over slowing demand, an aging…
Tesla’s ‘gravity defying’ powers at risk as electric vehicle market slows https://t.co/JeXJbz788S
Reuters is dying! Anything for clicks with Tesla and Elon Musk.
Tesla cancels its widely-anticipated affordable EV https://t.co/1VYO9A7FuS https://t.co/QEEoosHOyA
Tesla cancels plans for ‘Model 2’ low-cost EV: report https://t.co/wyZLjFQGDE
$TSLA RIP Model 2: (Yahoo!) Two sources said they learned of Tesla's decision to scrap the Model 2 in a meeting attended by scores of employees, with one of them saying the gathering happened in late February. “Elon’s directive is to go all in on robotaxi,” that person said.…
Tesla's stock skid continues after the company cuts prices on Model Y SUVs amid inventory buildup https://t.co/Xe180NOQum
Exclusive: Tesla has canceled the long-promised inexpensive car that investors have been counting on to drive its growth into a mass-market automaker, according to three sources familiar with the matter and company messages seen by @Reuters https://t.co/eDfPPUDPR5
Oops, Musk just scrapped plans for the low-cost Model 2 $tsla is now a post-growth stock with no pipeline of future product development. It can’t move down market because that will crush its already declining profit margins. What’s the right price for a no growth car company? https://t.co/K1aEwNITu0
ET NOW Alert | Tesla extends decline, down 5% after reports of co scrapping low-cast car plans #Tesla #ElonMusk https://t.co/hPT1SFCw3t
$TSLA has scrapped a plan for a low cost car (Source: Reuters)... stock down 5% https://t.co/HnrhVkKqD9
* EXCLUSIVE -- TESLA CANCELS LOW-COST CAR PLANS-SOURCES * TESLA SHARES EXTEND LOSSES, LAST DOWN 3.8% @reuters $TSLA
TESLA CANCELS LOW-COST CAR PLANS || TESLA FOCUSES ON DEVELOPING SELF-DRIVING ROBOTAXIS ON SAME SMALL VEHICLE PLATFORM-SOURCES - RTRS
$TSLA | Tesla has canceled the long-promised inexpensive car that investors have been counting on to drive its growth into a mass-market automaker, according to three sources familiar with the matter and company messages seen by Reuters.
(Bloomberg) - Tesla Inc. is slashing prices of its best-selling vehicle in a bid to clear its biggest-ever stockpile. @business $TSLA https://t.co/KTDMSN4fub https://t.co/AO4Md3Yy0f
$TSLA (+0.6% pre) Tesla Offers Steep Discounts on SUVs Piling Up in Inventory - BBG https://t.co/fpTpHUndRQ
Tesla is heavily discounting cars now piling up in inventory https://t.co/FqqQrfKdHS
Tesla (TSLA) turns to deep discounts as inventory piles up | Electrek https://t.co/UphR68VD6C
Tesla (TSLA) turns to deep discounts as inventory piles up https://t.co/01OwpAYsjz by @fredericlambert
Wall Street was appalled as the carmaker posted a significant slump in sales, writes James Moore. Is this down to Elon Musk or is the entire electric vehicle industry suffering from engine problems? https://t.co/YMgXedg5hG
#Analysis: Tesla's disastrous earnings report this week has sparked a sell-off of the world's largest electric vehicle manufacturer and widespread skepticism about the state of the EV industry as a whole. https://t.co/GHTdPtHKhe .
MORGAN STANLEY: “.. Tesla’s weak 1Q update is a clear sign of the ongoing #EV ‘shake-out’ phase. Our revised FY24 delivery est is 1.75mm (down 3.3% YoY) and flips $TSLA to a FY cash burn of $2.3bn on our est. We think numbers bottom by 2Q results ..” Cuts to $310 (prior $320) https://t.co/UEaf515jvy
"Confronted with unprecedented local competition and weakened consumer sentiment in Asia’s largest economy, Tesla’s market share shrank to around 6.7% for the quarter ended in December, from 10.5% in the first quarter of last year" https://t.co/NsVxA2ovN6
#Tesla's Sales Drop: A sign that its grip on the EV market is slipping https://t.co/5CiEDpXm4g
Tesla is in Trouble ⚠️ $TSLA reported a significant drop in deliveries, the company's first since the pandemic, despite sizable price cuts. "This is a pivotal moment for the Tesla story and the Tesla growth narrative," said Industrials analyst Jay Van Sciver @HedgeyeIndstrls… https://t.co/vpt3YLMgVC
JPMorgan cuts its price target on $TSLA, now sees 32% downside, after delivery miss highlights growth concerns
Tesla has lost a third of its value this year. What’s going on? https://t.co/PsyxPmDRA2 https://t.co/jmbVN5rde3
Tesla misses analysts’ delivery estimates in Q1 2024 by a huge margin https://t.co/MQlhPlVQgp https://t.co/pEEhcRMtQk
$TSLA | Tesla Struggles with Delivery Goals and AI Tech Expectations, Analysts Adjust Financial Forecasts Truist cuts Tesla target to $176, cites Q1 delivery miss and lower 2024/25 estimates; sees AI tech as key but challenges ahead. HSBC maintains Reduce on Tesla, lowers… https://t.co/EgQW2UsRUy
Tesla had a dreadful sales quarter, and the company says lower production and deliveries stem partly from temporary logistical woes. But analysts see more ominous problems like rising competition, slowing overall EV sales growth and Tesla's aging lineup. https://t.co/n7U4h0jMgD