NEW YORK, July 5 — Tesla Inc will need to rethink its production plans to protect its profits, Wall Street analysts said today, after the world’s largest electric-car maker...
NEW YORK, July 5 — Tesla Inc will need to rethink its production plans to protect its profits, Wall Street analysts said today, after the world’s largest electric-car maker reported a fall in quarterly deliveries for the first time in two years.
Beijing’s zero-Covid policy hit production at Tesla’s largest factory in Shanghai. That, coupled with supply chain snarls at its newer facilities in Texas and Germany, as well as a spike in costs for battery metals led the run-up to a gloomy quarter. Median price target on the stock is US$950, down from US$1,088.50 in April, according to Refinitiv data.“There may be reason to believe that production, and financial results, could be being impacted also by company-specific execution issues at the company’s new factories in Austin and Berlin,” JP Morgan analysts said.
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