Uncertainty amid the coronavirus COVID-19 outbreak, and oil price battles between Saudi Arabia and Russia weighed on shares of Tesla and other electric car makers on Monday.
Tesla is also grappling with the impact of the novel coronavirus outbreak in and beyond China. The epidemic has forced temporary closures of Tesla's new Shanghai car plant and stores throughout the country.that the company delivered them new Model 3s with a version of Autopilot hardware that was not as advanced as promised. Tesla blamed its decision to use the older version of their hardware in new Model 3s on supply chain disruptions, which it had not previously disclosed.
Wedbush Securities' Dan Ives wrote, in a note to investors on Monday that Tesla's outlook in China is strong over the long-term but challenged throughout 2020. "Supply chain issues in China remain a lingering worry," he wrote. "Given the demand overhang from the coronavirus outbreak in China as well as Europe we believe that 1Q unit demand levels will be difficult to hit for Tesla and is a dynamic currently being factored by the Street into the name . We still believe reaching the company's 500k unit demand levels for FY20 remain an achievable bogey to hit.
Chandrasekaran noted that only a small portion, around 10%, of new vehicle shoppers make a final decision about what car to buy based on a comparison of energy costs. "Most people make their buying decisions based on how they like a car, how comfortable it is, its design, and performance and so on," he said. "While gas prices at $2 a gallon could weigh on Tesla sales a bit, what is more important will be the battery prices, battery performance and charging infrastructure."
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