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Tesla reported a record drop in Q1 deliveries, selling only 337,000 vehicles, which is 50,000 fewer than last year and 14% below analyst estimates. Analysts attribute the disappointing performance primarily to weaker-than-expected US sales, exacerbated by CEO Elon Musk's political distractions. Despite the poor numbers, Tesla's stock rose 5% on news that Musk may refocus on the company.
Barclays analyst Dan Levy has maintained an Equalweight rating on Tesla stock with a price target of $325, noting a first-quarter production of 363,000 vehicles, which fell short of expectations. The company faces challenges, including an unexpected inventory build and a gross profit margin of 17.86%, while upcoming production figures and the launch of the Model 2.5 will be crucial for future performance. Additionally, Tesla reported a 11.5% decline in sales of its China-made vehicles in March year-over-year, despite a significant month-over-month increase.
Tesla's vehicle deliveries fell 13% in the first quarter, dropping to 336,681 units from 386,810 a year earlier, amid backlash over CEO Elon Musk's political actions. Analysts describe the results as disastrous, highlighting significant declines in key markets like Europe, California, and China, despite increased incentives. Tesla shares dropped 6.1% following the news, although a new, more affordable model is expected later this year.
Protesters gathered outside a Tesla dealership in London, criticizing Elon Musk's actions and drawing comparisons to historical figures. Organized by disillusioned Tesla owners and public figures, the protests aimed to raise awareness of perceived issues, while some incidents of vandalism have been labeled as domestic terrorism. Despite these challenges, Musk remains optimistic about Tesla's future sales and growth.
Tesla shares dropped 1.7% after Commerce Secretary Howard Lutnick urged Americans to buy the stock during a TV appearance, calling it "unbelievable" how cheap it is. His comments coincided with a warning from a bullish analyst about a "crisis" at the company, emphasizing the need for Elon Musk to take action. Tesla's stock has plummeted 42% this year, raising concerns about its rapid loss of value in the automotive industry.
Tesla's stock has entered a seven-week decline, closing at $270.48 on March 7, marking its lowest point since November 5, with a market cap drop of over $800 billion since December. Factors contributing to this slump include weaker sales, increased competition in China, and production issues with the Model Y. Despite the downturn, some analysts remain optimistic, with price targets as high as $550.
Vandalism against Tesla vehicles and facilities has surged, with incidents including arson and attacks involving molotov cocktails, often linked to backlash against Elon Musk's political affiliations. As tensions rise, local law enforcement fears serious injuries may occur, while some Tesla owners express concern over their association with the brand amid growing violence. Musk's political ties and controversial actions have led to a decline in Tesla's reputation and sales, prompting worries among investors and customers alike.
UBS analyst David Vogt has expressed skepticism about Apple's $500 billion investment plan in the U.S., citing that only 10% of its supply chain is U.S.-based and questioning the financial feasibility of the plan. He estimates that hiring 20,000 employees would add $5 billion in annual operating expenses, while the required $125 billion annual investment raises concerns about cash flow sources. Other analysts have also labeled the investment as unrealistic, given Apple's current capital base and previous investment commitments.
Elon Musk's Tesla faces challenges in its automotive division, with car sales growth stagnating and margins declining to a five-year low of 13.6%. Despite ambitious AI and robotics projections, the company struggles with inventory issues and production changes, leading to skepticism about its future growth targets. Investors remain divided between optimism for AI advancements and concerns over the core auto business's performance.
UBS has upgraded Duolingo, Inc. (DUOL) to a Buy rating, highlighting the company's AI innovations and new features as key growth drivers. The global AI market is projected to reach $1.3 trillion by 2030, fueled by advancements in computational power and data availability. Despite recent tech stock sell-offs, experts remain optimistic about ongoing AI innovations and investment opportunities in the sector.
Wedbush Securities Inc.
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