TESLA INC. (NASDAQ:TSLA): Tesla stock tanks on rising concerns about high end model X/S

 


Tesla stock has fallen almost 7% since Monday on concerns over the company's production and delivery figures for Q1 2023, which came in below expectations. A sharp decline in the delivery numbers for model X/S, which came in at 10,695 vehicles, compared to 14,724 during the same period last year, prompted Ross Gerber, the CEO of investment adviser Gerber Kawasaki, to write on Twitter:

"Tesla production numbers were solid. But delivery numbers for x/s are a bit troubling. Even with price cuts they seems to have lost the high end customers this qtr. can’t blame the economy for that."

As of February 12, 2023, Gerber Kawasaki owns about 440,000 Tesla shares, per Bloomberg.

As a matter of fact, demand for high end luxury EVs is not an issue. Audi of America sold 4,438 EVs in Q1 2023, up from 3,247 during the same quarter last year, while BMW USA expects to triple EV sales to over 45,000 this year. Registrations for the model S in the U.S. plummeted 75% in January 2023, while those of Mercedes-Benz's new EQS sedan quadrupled, per axios.

Tesla will report their Q1 2023 earnings on April 19. Let's see if the company can give more color on the issue. Meanwhile, the stock may be heading down to test its 100-day EMA at $189.10 and bounce off from there.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!



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