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Why Tesla Stock Jumped Monday

12 September 2018

"Elon Musk's email to employees indicated Q3 would be 'the most awesome quarter in our history, ' VIN registrations and the Bloomberg Model 3 tracker seem to imply production is on track, and insideEVs reported the company sold approximately 23k vehicles in August".

Viecha also restated Tesla's forecast that it will build 50 000 to 55 000 of its Model 3 sedans in the current quarter, and indicated the company's working capital will improve as production increases, Spak wrote.

However, we've gotten little news on the company's fundamentals, and he notes that Tesla appears on track to meet its Model 3 production guidance.

Despite rebounding 6% Monday, Tesla's share price has plunged 29% from the peak of 389.61 on the day Mr. Musk Tweeted the go-private plan. Praised by reviewers, but subject to production delays and reports of inconsistent quality, the vehicle has put pressure on Tesla to prove it can transition from a luxury automaker to a mass-market one.

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Shares of Tesla fell about 4 percent to $275.20 Tuesday after Nomura analyst Romit Shah downgraded the company from "Buy" to "Neutral" on worries about Musk's erratic behavior.

On Friday the company announced that chief accounting officer Dave Morton had resigned after a month, citing public attention and the fast pace of the post.

Tesla on Tuesday said it manufactured 2,020 Model 3 vehicles in the last week of its first quarter - but missed its target of 2,500.

Before that, Musk pronounced in early August that he would take Tesla private, but backtracked on that proposal two weeks later.

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Tesla now offers seven colors for its vehicles that include top variant Model S, mid level Model X and its most affordable sedan Model 3.

Tesla is jumping 5% on Monday, after CEO Elon Musk's sunny outlook for the third quarter.

Later on Friday, Tesla named a new president of automotive operations, promoting eight-year Tesla employee and former Daimler truck exec Jerome Guillen into the role overseeing all automotive operations and reporting to Musk. Now it seems that in order to ramp up production of the popular Model 3, only a limited number of colors will be offered to customers. "We now see the near-term risk-reward for Tesla as relatively skewed to the upside, given the potential for the stock to revert towards the middle of its $270 to $370 range", the analyst wrote.

Disclosure: Author owns shares of Ford.

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Why Tesla Stock Jumped Monday