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Shares of Tesla (TSLA - Free Report) fell 3% in midday trading on Monday after investors were not impressed by the automaker’s Model 3 sedan launch late Friday at an event in its Fremont, California factory.
Analysts at Goldman Sachs (GS - Free Report) called the event “a bit anticlimactic,” noting no noticeable chances in the car’s features from its earlier test versions. The Model 3 “remains a de-contented, smaller version of the Model S; and the production vehicle showed no incremental (human-machine interface) features from the vehicle unveiled last year.”
“We believe the Model 3 was as good as or better than expected, and pricing was as expected with considerable initial up sell,” Bernstein's Toni Sacconaghi wrote in a client’s note on Monday. “That said, the rubber now hits the road, and the fundamental questions remain unanswered.”
Sacconaghi also commented that “CEO Elon Musk sounds increasingly squeamish about the production ramp.” Musk made a comment that Tesla is “going to go through at least six months of manufacturing hell” to produce the Model 3.
Tesla is counting on the success of its Model 3 to help make the company a profitable one. The company has already spent $2 billion in cash this year ahead of this launch.
The Model 3 is designed for easy production, with the company aiming to produce about 20,000 per month by December. The sedan won’t be available to consumers until early 2018 for $35,000.
Tesla remains a Zacks Rank #3 (Hold). Tesla is expected to report its quarterly earnings on August 2nd after market close. Zacks expects the electric car maker to report a loss of $2.00 per share and revenues of $2.55 billion.
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Here's Why Tesla (TSLA) Shares Are Falling Today
Shares of Tesla (TSLA - Free Report) fell 3% in midday trading on Monday after investors were not impressed by the automaker’s Model 3 sedan launch late Friday at an event in its Fremont, California factory.
Analysts at Goldman Sachs (GS - Free Report) called the event “a bit anticlimactic,” noting no noticeable chances in the car’s features from its earlier test versions. The Model 3 “remains a de-contented, smaller version of the Model S; and the production vehicle showed no incremental (human-machine interface) features from the vehicle unveiled last year.”
“We believe the Model 3 was as good as or better than expected, and pricing was as expected with considerable initial up sell,” Bernstein's Toni Sacconaghi wrote in a client’s note on Monday. “That said, the rubber now hits the road, and the fundamental questions remain unanswered.”
Sacconaghi also commented that “CEO Elon Musk sounds increasingly squeamish about the production ramp.” Musk made a comment that Tesla is “going to go through at least six months of manufacturing hell” to produce the Model 3.
Tesla is counting on the success of its Model 3 to help make the company a profitable one. The company has already spent $2 billion in cash this year ahead of this launch.
The Model 3 is designed for easy production, with the company aiming to produce about 20,000 per month by December. The sedan won’t be available to consumers until early 2018 for $35,000.
Tesla remains a Zacks Rank #3 (Hold). Tesla is expected to report its quarterly earnings on August 2nd after market close. Zacks expects the electric car maker to report a loss of $2.00 per share and revenues of $2.55 billion.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade, which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>