Bernstein Cuts Tesla Estimates to "Significantly" Below Consensus on EV Demand Issues

Investing.com2022-12-08

Bernstein analysts lowered fourth-quarter and full-year estimates on Tesla to numbers that are “comfortable below consensus” as the company “increasingly appears to have a demand issue.”They believe ...

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Comments

hphoa
2022-12-08
hphoa
Good
atsc
2022-12-08
atsc
Ok
BTeo
2022-12-08
BTeo
Ok
- Kimoqi:
  ok
Vincentan59
2022-12-08
Vincentan59
Yes
Zwei2
2022-12-08
Zwei2
K
- ZacN:
  Ok
- Cvt:
  Ok
CYKuan
2022-12-08
CYKuan
$Tesla Motors(TSLA)$ time to do some bearish position
- Zwei2:
  k

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164

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The price cuts are negatively impacting average selling prices (ASPs) by 2.6%, or $1,400 per EV unit, the analysts added.“All else equal, this points to a 200 bps decrease in automotive gross margins. We suspect the net impact will be lower, but believe that consensus estimates for automotive gross margins improving 110 bps sequentially in Q4 may be at risk,” the analysts said in a client note.Moreover, they believe Tesla will be forced to cut prices again in 2023 to boost EV demand, as well as introduce permanent cuts in the U.S. to qualify for Inflation Reduction Act (IRA) rebates.On a more positive note, the EV maker could see its margins expand due to:Improving margins in TX and Berlin ($900/car);Manufacturing improvements (including lower input & logistics costs - perhaps up to $1,000/car);Opex leverage (~$1,100/car);IRA tax credits on cell manufacturing (up to $625/car).“On net, we believe TSLA has the potential to offset $2,000-3,600/car in price cuts next year, though much of it could be in op ex & tax credits,” they added.Bernstein's new FQ4 forecast now calls forearnings per shareof $1.17 on revenue of $25.3 billion, below the average analyst estimate of $1.26 on revenue of $26.1B. 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class=\"s1\">Ok</span>"},{"id":105113118,"gmtCreate":1670458530639,"gmtModify":1670458543618,"authorId":3579235597126488,"author":{"id":3579235597126488,"idStr":"3579235597126488","authorId":3579235597126488,"name":"Cvt","avatar":"https://static.tigerbbs.com/c8fda02901ec7a98b51fe8e84d016ab2","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 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