By: Guest Contributor
Published: 19 hours ago
Synopsis
Tesla broke production and delivery records in Q1 2023, with
440,808 vehicles produced and 422,875 delivered globally. The figures outpaced
the previous quarterly records set in Q4 2022. Tesla's shares were up 68% at
the end of the quarter, representing its top performance in Q1 throughout its
history. Tesla outperformed consensus forecasts of 420,000 vehicle deliveries,
with Wall Street analysts estimating roughly 416,000 units. Analysts also noted
the positive difference between production and deliveries as a rough indicator
of demand, which bodes well for the company. Tesla's shares are currently
trading at $185.29, down 3.79% from the day's open.
The first three months of the year were eventful for Tesla,
to say the least, with sweeping price drops and the announcement of a new
gigafactory in Mexico. Through all of it, Tesla has continued to increase its
sales and production, clinching two significant quarterly records in Q1.
Tesla shared its Q1 delivery results in recent weeks,
showing that the automaker broke records in both production and deliveries, as
detailed by Barron’s. In the first quarter of the year, Tesla produced 440,808
vehicles and delivered 422,875 throughout markets around the world. Both
figures outpace previous quarterly records set in Q4 for Tesla, when the
automaker produced 439,701 vehicles and delivered 405,278.
Wall Street analysts generally estimated Tesla would have
around 420,000 vehicle deliveries in the first quarter, so the automaker
narrowly outperformed consensus forecasts. Additionally, Tesla’s shares were
trading up over 68 percent at the end of the quarter, representing the
company’s top performance in Q1 throughout its short history, with 2012’s first
quarter seeing a 30.4 percent on share trading prices.
In terms of quarterly share-trading records, Q1 2023 is the
sixth best of any quarter throughout the year, out of the company’s 51 quarters
total. As Barron’s notes, strong stocks keep the stakes high for a company’s
financial results. This results in investors keeping a close eye on delivery
and production levels, and other financial details, in order to keep up with
trading expectations.
Tesla bull and Deutsche Bank analyst Emmanuel Rosner rates
the automaker’s shares a “Buy,” with a $250 price target on the stock. He
forecasted roughly 416,000 units. The delivery target was “reflecting still the
uncertain macro environment after the price cuts, as well as competitive
pricing responses in China,” Rosner said.
GLJ research analyst Gordon Johnson, who is bearish on
Tesla, forecasted roughly 425,000 deliveries, rating the company’s shares a
“Sell” and offering a price target of $24.33 on the stock.
Analysts also looked at the difference between production
and deliveries as a rough indicator of demand, with Q1’s results bearing
positive news for the company. Tesla built 17,933 units in Q1, with sales
growing faster than production. If the difference between production and
deliveries increases, then investors will view the spread as a demand issue,
even potentially leading to a deceleration in production.
At the time of writing, Tesla’s shares are trading at
$185.29 (-$7.29), down 3.79 percent from the day’s open. With average analyst
price targets sitting around $204, placing Tesla’s stock value with management
stock options at about $700 billion.
Originally published by EVANNEX, by Peter McGuthrie.
Source: https://cleantechnica.com
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