Elon Musk cracks whip in push for ‘record’ deliveries

Tesla shares popped briefly Wednesday after a leaked email showed chief executive Elon Musk urging employees to make one final “all out” push to break its record for deliveries.

In what has become a recent trend, Musk cracked the whip on his workers ahead of the close of the quarter, saying that the electric automaker has a chance to surpass last year’s record of 90,700 deliveries for the final three months of 2018.

The email comes amid wider fears that demand for the once-elusive Tesla vehicle will drop, including Goldman Sachs recently cutting its Tesla price target from $200 to $158 on predictions of falling demand.

“As you may have noticed, there is a lot of speculation regarding the vehicle deliveries this quarter,” Musk wrote. “The reality is that we are on track to set an all-time record, but it will be very close. However, if we go all out, we can definitely do it!”

The company has not changed its guidance of 360,000 to 400,000 vehicles this year, and Musk has repeatedly denied there is a demand problem for the company’s three vehicles, the Model S full-size sedan, the Model 3 small sedan and the Model X SUV.

Musk in his email claimed Tesla already has enough orders to set a new quarterly record — and said the hold-up lies with trouble delivering the cars because “the right cars are not yet all in the right locations.”

But Wedbush analyst Daniel Ives poured cold water on Musk’s predictions in a note to investors Wednesday, saying it’s unlikely the company will deliver 90,000 to 100,000 vehicles this quarter.

Reaching annual delivery targets “is going to be an Everest-like task in our opinion,” said Ives, who expects 84,000 to 88,000 deliveries for the quarter.

On Tuesday, Tesla-centric blog Electrek reported that the company has so far delivered 49,000 vehicles in North America during the second quarter.

Shares of Tesla were down 0.1 percent Wednesday afternoon, at $219.50.

With Post Wires

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Written by Yaipoo


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