Despite an upbeat forecast by CEO Elon Musk for the second half of 2019, Tesla appears to be facing far more serious scrutiny going forward.
Compounding Tesla's challenges, it is finally beginning to face some real competition. There's not only the little Chevrolet Bolt EV and Jaguar I-Pace, but the new Audi e-tron and the latest and longest-range version of the Nissan Leaf, which finally comes closer to matching what Tesla products like the Model 3 can deliver.
Perhaps a bigger test, however, will come around the end of the year, as Tesla finishes up its new assembly plant in Shanghai. Until now, it has found it difficult to crack the world's largest market for plug-in vehicles, and the Trump administration's trade war will only compound the situation. The new factory will allow it to largely sidestep that issue.
Add up all the challenges facing Tesla and the mood among analysts and investors is clearly sounding more bullish in the wake of Wednesday's unexpectedly deep loss – the second quarter in a row that the carmaker fell short of the consensus forecast, according to Refinitiv. Tesla shares hit a peak for the year of $347.31 on Jan. 17 – and a 52-week high of $387.46 last August. While shares have clearly rebounded from the lows set in mid-June, when the stock tumbled to a 52-week low of $176.99, the numbers have fallen below $230 in trading Thursday. But Spak expects shares could sink to $190.
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