Its two new car plants in Germany and Texas recently hit fresh weekly production records and are increasingly absorbing local demand its massive factory in Shanghai once served.Įffectively they are now competing with Tesla’s highly profitable Chinese operations for customers. Tesla is reaching a size where it struggles to maintain its lofty growth ambitions with its present product range at current list prices. Speculation over Cybervault highlights yearning for new product “Delivery growth will have to quicken hit Musk’s annual target,” wrote Gene Munster, a managing partner with Deepwater Asset Management and Tesla bull. Higher than recent quarters but still reasonable vs historical supply levels and still significantly below the industry, which is 2-3x this number depending on the manufacturer. Tesla enters Q2-23 with 88k inventory vehicles or 16 days of sales. Yet when your stock is the eighth most valuable megacap in the world and is worth $650 billion, more than the next seven largest automakers combined, there is precious little leeway for disappointment. Instead of the typical focus on year-over-year volume gains-where Musk always impresses thanks to the growing adoption of EVs-investors importantly cast their judgment based on Tesla’s improvement from one quarter to the next.Īnd here the 4.3% increase over Q4 is lackluster at best when viewed in conjunction with growing inventories and price cuts.īulls argue the first quarter is traditionally weak because of the Chinese Lunar New Year, while sales were hampered because price cuts only began bolstering volumes starting in mid-January. Tesla is judged differentlyĪs a growth stock that aspires to an average annual volume growth of 50%, a truly staggering figure in the manufacturing industry, it’s important to remember the market judges Tesla’s development differently from that of other incumbent carmakers. But there was only a 53-day supply of all vehicles, indicating much lower inventories of combustion engine vehicles.Musk’s own Twitter warriors used his Community Notes feature to prod Reuters into correcting a headline that Q1 deliveries actually fell short of expectations (the news agency uses its own proprietary polling data from data partner Refinitiv that differed from those compiled by Bloomberg). Not including Tesla and Rivian, dealers had enough EV supply on hand for 103 days of sales, according to Cox Automotive. Most industry analysts predict continued growth in EV sales for the next decade or more.īut in June, EV inventories began to grow as factories started cranking out new models. The EV share of the market last year was 5.8% with just over 807,000 sales. In the U.S., electric vehicle sales continued to rise during the first half of the year to more than 557,000 vehicles, or 7.2% of all new vehicle sales. “We believe that a charging network at scale is vital to protecting freedom of mobility for all,” he said. Stellantis CEO Carlos Tavares said the network is a response to significant growth that’s expected in electric vehicle sales, and the group intends to exceed customer expectations. Related: A Dallas auto dealer’s charging hub plugs into federally backed EV push They’re much quicker than 240-volt “Level 2″ chargers that can take hours to get a battery to a full charge. The National Renewable Energy Laboratory estimates that 182,000 fast chargers will be needed by 2030.įast chargers can get a battery to 80% of its capacity in 20 minutes to one hour, making them optimal for travel corridors and in some cases comparable to the time it takes to fill a car with gasoline. and Canada with nearly 36,000 charging plugs, according to the U.S. There are currently just under 8,700 direct-current fast-charging stations in the U.S. “As you can imagine, such a high-powered charging network of this scale requires a multibillion-dollar investment.” “The parties have agreed not to disclose specific investment numbers at this time, but the seven founding automakers intend to work as equals to ensure the success of the joint venture,” the companies said in a written statement answering questions from The Associated Press.
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