"This is the fastest growth of any automotive company in the modern era", Tesla says in the Q1 production and deliveries report. However, Tesla has been very clear in stating that it had meant to reach 2,500 Model 3 units each week by end of Q1 (remember they had originally forecasted 5,000 per week by end of Q1 2018).
"While deliveries were short of expectations, it is clearly the Model 3 and its production rate going forward which is driving the equity and the focus of investor interest", Evercore ISI analyst George Galliers said in a note to clients Wednesday, cutting his price target by 11% to $272 - in line with the stock's price Wednesday morning.
In conclusion, the Tesla Model 3 is now officially the best-selling electric auto in the USA and Tesla most likely has the 3 best-selling electric cars in the US.
Tesla said it is planning further steps to improve capacity and, as a result, anticipates Model 3 production to increase "rapidly" in the next three months towards its target of 5000 per week. The company made 9,766 units of the mass-market Model 3 sedan, a fourfold increase over the previous quarter.
Evercore isn't the only sell-side firm with newfound caution following Tesla's miss of Model 3 production targets.
Amid slowdowns in Model 3 production, Tesla has seen its shares drop nearly 18 percent since the beginning of the year. What took our team five years for S/X, took only nine months for Model 3.
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However the piece of data most investors are actually looking for are the Model 3 specific production numbers.
Tesla came up short despite an end-of-quarter production surge that saw engineering chief Doug Field exhort employees to "prove a bunch of haters wrong" by shifting internal resources toward the Model 3 line in order to push Model 3 production beyond 300 cars per day.
Elon is also increasingly under strain as he gets the Model Y into production, builds the Tesla Semi and the second-generation Roadster, completing the Supercharger network, boring tunnels underground, making solar roof tiles, and launching rockets. The company says it expects to make 2,000 Model 3s over the next week.
But Tesla Motors now claims production improvements are generating enough cash flow that the company will not need to raise any new cash in 2018.
"Taken as a whole", he wrote, "Tesla's forecast burn rate and debt maturities across 2018 and 2019 add up to around $5.5 billion". He agreed that Tesla needed eng & prod better aligned, so we don't design cars that are insane hard to build.