This article first appeared on GuruFocus.
Tesla (NASDAQ:TSLA), the electric-vehicle and energy-storage maker, faced a tougher delivery test after JPMorgan (NYSE:JPM) cut its third-quarter forecast to 482,000 vehicles from 516,000, citing weaker demand in the U.S. and China. Shares fell about 1.3% to $352.68 around 10:12 a.m. ET Tuesday.
Tesla reported 480,126 deliveries in the second quarter. JPMorgan’s revised figure would put the next quarter barely above that level. The question for investors is what Tesla had to spend on incentives to get there: deliveries alone cannot show whether each car became more profitable.
Tesla Stock Moves Lower as Delivery Week Tightens the Volume Test · us.finance.gurufocus
At $352.68, the shares sit 5.46% above the chart’s GF Value of $334.43. That gap leaves investors paying for more than the near-term car business. Autonomy and robotics may be the draw, but Friday’s delivery report will put the vehicle operation back under the microscope.