XPEV - Tesla Stares At Q3 Deliveries Miss Rivian Not Losing Sleep Over Cybertruck Nio's Rumored German Tie-Up And More: Biggest EV Stories Of The Week | Benzinga
Electric vehicle stocks ended mostly higher in the week that ended on Sept. 29, even as the broader market showed muted sentiment despite the oversold levels. Tesla, Inc. (NASDAQ:TSLA) stock bounced around its recent bottom and yet closed slightly higher for the week.
Here are the key events that happened in the EV space during the week:
Tesla Q3 Delivery Expectations, Musk’s Warning On UAW Strike And More: As Tesla prepares to release its third-quarter deliveries, sell-side made eleventh-hour adjustments to its estimates to discount production suspension at the Giga Shanghai and Giga Texas plants. The former plant was gearing up for the manufacturing of the Model 3 refresh and the latter for the Cybertruck.
Company-compiled consensus shared by Tesla puts deliveries at 455,000 units compared to the Bloomberg-compiled consensus of 457,000 units, said Future Fund’s Gary Black. Black estimates a more modest deliveries of 445,000 units.
“We continue to expect investors to overlook any reasonable miss (445K-455K) given the well-documented M-3 Highland transition (likely cost 15K-20K) and downtime for factory upgrades (likely cost ~10K),” the fund manager said.
On Friday, Piper Sandler analyst Alexander Potter lowered his estimates by 70,000 units to 445,000 and expressed a similar opinion regarding stock reaction.
As the United Auto Workers’ strike plays out, Tesla’s CEO Elon Musk issued a stark warning. “They want a 40% pay raise *and* a 32 hour ...