Analysts were unimpressed after Tesla CEO Elon Musk announced a cheaper Model 3 yesterday afternoon.
div > div.group > p:first-child"> Shares of the company tanked more than 8 percent at one point Friday morning. Investors also reacted to Musk's comments on Thursday that it wouldn't be profitable in the first quarter.Morgan Stanley analyst Adam Jonas also seemed skeptical, saying:"While this may stabilize the air-pocket in Q1 sales, we're concerned it's a sign of a brand that may be, at the margin, losing its halo of exclusivity.
"Tesla significantly increased its efforts to promote the sale of cheaper cars. ... While this may stabilize the air-pocket in Q1 sales, we're concerned it's a sign of a brand that may be, at the margin, losing its halo of exclusivity. We think the bears have more material to work with than bulls here."
"Given its seeming abruptness, it does not appear that yesterday's announcement was made from a position of strength. ... We believe that a $35k Model 3 has close to ~0% gross margins today, suggesting that these price cuts could materially dilute Model 3 and company gross margins initially — we estimate up to 600+ bps and 400 bps respectively.
"The release of the standard version is earlier than we and the market expected... We had expected the base model to be released after deliveries were further underway in Europe and China...Mechanically, as this lower priced model is added to the mix, it may be harder for TSLA to hit its 25% gross margin target. Model 3 gross margins were above 20% in Q4 on what we estimate was an ASP of over $55k...
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