Strong June Salvages Q2 Showing: Tesla may have delivered 90,000 to 100,000 vehicles in the second quarter, thanks to a robust June, according to Credit Suisse analyst Dan Levy. This compares to the sell-side consensus of 70,000 vehicles.
In the first quarter, Tesla delivered 88,496 units, up 40% year-over-year but down 21% from the previous quarter.
Giving a break-up of second-quarter deliveries, Levy said the company sold 31,000 cars in China, just under 35,000 from its Freemont, California facility and about 25,000 global inventories coming into the quarter.
See Also: Musk Says Tesla Could Breakeven In Q2 In Leaked E-Mail
Betting On Big End-Of-Quarter Push: New Tesla car registrations in China fell 64% month-over-month in April to 3,635 units before rebounding strongly to 11,095 vehicles in May.
To make up the 31,000 numbers projected by Credit Suisse, Tesla’s June sales should have jumped to over 16,000 in China.
Tesla’s performance in the U.S. in the first two months of the second quarter isn’t inspiring either.
Tesla car registrations for the April-May period fell 33% to 14,151 units in 24 states that account for about 65% of the company’s U.S. sales, according to The Wall Street Journal, citing a Dominion Enterprises’ Cross-Sell report.
Levy has a Hold rating and $700 price target for Tesla. The stock closed Monday’s session at $1,009.23 per share.
Latest Ratings for TSLA
|Jun 2020||Goldman Sachs||Downgrades||Buy||Neutral|
|Jun 2020||Morgan Stanley||Downgrades||Equal-Weight||Underweight|
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