The jubilant event marked the culmination of a long journey to deliver an affordable electric auto.
"We believe the Model 3 was as good as or better than expected, and pricing was as expected with considerable initial upsell".
Wall Street finally got to see all the details of the Tesla Model 3 during the car's launch event Friday. Management had earlier said that the company would be investing around $2 billion in CapEx in the first half of the year.
Other equities research analysts have also issued research reports about the company. Tesla is already known for its huge cash burn.
Tesla Inc. (NASDAQ:TSLA) was upgraded by analysts at Vetr from a "buy" rating to a "strong-buy" rating in a report issued on Monday, July 10th. The business had revenue of $2.70 billion for the quarter, compared to analysts' expectations of $2.56 billion. Tesla is expected to report its quarterly earnings on August 2 after market close. However, this is in reference to the car's electric motor, battery cells and drivetrain, all of which are newer to those in the Model S and Model X. "The Model S is an unbelievable vehicle but it's very hard to build". More production cars have been spotted around the company's Fremont, Calif., factory and even in slightly farther flung places like a charging station in Truckee, Calif.
The impressive sales of the Model 3 could mark a breakthrough for Tesla and electric cars, which until now have comprised only a small portion of the auto market. Also, Director Robyn M. Denholm sold 20,000 shares of Tesla stock in a transaction on Monday, May 8th.
This apparent peak in the demand for Tesla's high-end models led to analysts slashing their price targets on Tesla stock. Finally, FBN Securities raised their price objective on Tesla from $275.00 to $425.00 and gave the stock an "outperform" rating in a research note on Monday, April 3rd. However, the stock has recovered some of the lost ground since then. The stock's 50-day moving average price is $348.29 and its 200 day moving average price is $299.70. "The Model 3's durability testing is less extensive than any previous high-volume vehicle". Customers can place advance orders for the Model 3 by signing up on the company's website and making a $1,000 deposit.
CEOElon Musk has said that the Model 3 will have fewer options than the luxury Model S sedan. Tesla will first produce the $44k model.
Investors and customers will be keenly watching for any updates regarding the delivery timeline during the earnings call.
That's not surprising, as Panasonic only started production for the Model 3 batteries in June. "Welcome to production hell", Musk quipped to the enthusiastic crowd of workers at the event. When discussing Tesla's upcoming production schedule in front of a group of Tesla engineers and other company employees, Musk said: "We're going to be in production hell". Insiders have sold 239,790 shares of company stock worth $74,130,330 in the last quarter. Tesla has already sold more than 126,000 vehicles since 2008, according to estimates by WardsAuto, so not everyone who buys a Model 3 will be eligible.
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