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Buy Tesla Inc (TSLA) Regardless Of Earnings Results

02 November 2017

But the company clarified Wednesday that its Gigafactory plant in Nevada, which assembles battery packs for the Model 3, is "the primary production constraint" for the cars.

Tesla said its production rate of the Model 3 is steadily increasing, but the high degree of automation on the Model 3 production line has proven challenging, said Tesla in the shareholder letter.

That's the message this week from Nomura Instinet, which reiterated its Buy rating on the electric automaker, noting Tesla will eventually figure out its production issues with the new Model 3 sedan. Tesla said in October that it produced only 260 vehicles, well below its target of 1,500.

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The US auto maker said it was making process in fixing the production "bottlenecks", which it had first referred to earlier this month, but said it was "difficult to predict exactly how long it will take for all bottlenecks to be cleared or when new ones will appear".

The company said it now expects to build 5,000 Model 3s per week by late in the first quarter of 2018 from its original target date of December. Revenue rose 2% to $16.10 billion, beating the FactSet consensus of $15.52 billion, as 9% growth in premiums, fees and other revenue offset a 7% drop in net investment income. The problems could also worry the over 500,000 customers who have put down a refundable deposit on the vehicle.

Shares of Tesla have risen more than 50 percent since the beginning of the year.

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Still, the company said the Model 3 would overcome those challenges and hit a breakeven point in gross profit margin by the fourth quarter of 2018. "Though results will likely miss expectations, we remain positive on Tesla's shares, believing that deliveries, margins, and cash flow will bottom in Q3 and inflect higher over the next several periods", analyst Romit Shah wrote in a note to clients Tuesday. It also spent $325 million to repay a credit facility in the quarter. Reports that many of those vehicle were returned to fix battery problems were not disputed by Tesla.

Tesla will no longer reach its long-stated goal of producing 5,000 Model 3 cars per week in 2017, pushing that deadline back amid production hiccups and a massive $619 million quarterly loss.

Revenue rose 30 percent to $2.98 billion. Vetr lowered Tesla from a sell rating to a strong sell rating and set a $292.39 price objective for the a research note on Monday, October 23rd.

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Tesla said that Model S and Model X are on pace for about 100,000 deliveries in 2017, an increase of 30 percent compared to 2016.

Buy Tesla Inc (TSLA) Regardless Of Earnings Results