The high-profile Tesla Model 3 finally opened up the delivery model, but it still disappoints many people in the fourth quarter delivery. According to reports, the fourth quarter sales performance is expected to be reduced by nearly 70%, which is obviously not up to expectations.
According to foreign media reports, Wall Street investment bank KeyBanc Capital Markets believes that Tesla's Model 3 delivery in the fourth quarter will be disappointing again.
The investment bank reiterated its “holding aside†rating for Tesla shares, which it expects the electric vehicle manufacturer to announce lower-than-expected Model 3 financial results.
Analyst Brad Erickson wrote in an investor report on Tuesday: "We estimate that Tesla will announce early next week that the company delivered about 5,000 Model 3s in the fourth quarter. Below the seller's expectations, but may be acceptable to the buyer. Although the gross profit margin of Model 3 may increase in a few more quarters, we believe that the profit margin of Model 3 will be disappointing, investors will I have to admit that Model S/X has not grown to some extent, and this is not reflected in the stock price."
Tesla shares fell 0.7% in pre-opening trading on Wednesday. The stock has risen by 48.5% this year, while the Standard & Poor's 500 index has risen by 19.7%.
Eriksson pointed out that he had talked with sales representatives of 18 Tesla stores, and the results showed that Model 3's delivery in the fourth quarter was lower than his estimate. As a result, the analyst lowered Tesla Model 3's delivery forecast for the fourth quarter from 5,000 to 5,000.
Tesla delivered 26,000 cars in the third quarter, but only 220 of them were Model 3. Wall Street analysts had predicted that Tesla's vehicle delivery in the third quarter was 25,800 units, of which Model 3 was delivered at 1,260 units.
Eriksson wrote: "In view of the current production difficulties, the gross profit margin of Model 3 will not really rise until mid-2018. We believe that if the gross profit margin is disappointing, it may take another few quarters. Judging the company's profitability."
Tesla did not immediately respond to the reporter's request for comment.
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