Tesla delivered 95,200 vehicles in the second quarter. 6 experts explain what that means for the company and electric vehicle industry.
With the stock still down nearly 30% year to date, experts are starting to perk up, butHere's what experts are saying about the report:
Longtime auto executive Jim Press, formerly of Chrysler and Toyota, said Tesla's better-than-expected results"I think the demand was there. I think a lot of this quarter was really done by stoking up production. They had unfilled orders, especially outside of the United States. The Model 3 filled a lot of that production need. They may have sacrificed some potential of the higher-margin, other vehicles. We'll have to see.
Loup Ventures Managing Partner Gene Munster saw the upside surprise as "a powerful step forward" for the company: "The whisper numbers were much lower than what they actually reported. So, this was entrenched, I think, in Street thinking that it's hard to pick what the underlying demand is. And I would point to two numbers: in the December quarter, they peaked Model 3 at 63,000 deliveries. [This quarter,] they did 77,000. It went down in March, and now its gone up to 77,000. There [were] more headwinds than tailwinds in the June quarter. ...
Dan Ives, managing director of equity research at Wedbush Securities, said his firm was keeping its powder dry for now:and Tesla, and you've got to give them credit. This is a strong rebound from [the first quarter] in terms of unit numbers of Model 3. The big question is second-half numbers and profitability, and that, in our opinion, is where there's more wood to chop here. So, no doubt positive here, [but] questions remain. ...
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