Tesla’s quarterly deliveries are expected to be hit by the chip shortage Claudia Assis 5 hrs ago Tesla Inc. is expected to report third-quarter deliveries in next few days, and is likely still feeling the pinch from the ongoing chip shortage, Wall Street analysts said this week. © AFP via Getty Images Tesla usually reports quarterly deliveries, its proxy for sales, and production numbers within a few days of the end of the quarter. Investors closely watch the report as a gauge for demand and, increasingly so in recent quarters, as an indication of the effects of pandemic-related shortages on the Silicon Valley EV maker. “To this point, we believe the chip shortage markedly constrained supply and deliveries in the months of July and August … but is on a massive trajectory in the month of September,” said Dan Ives, an analyst with Wedbush, in a note Wednesday. That’s based on his analysis that September sales are likely to range from 145,000 to 150,000 units “with China a major swing factor,” he said. All told, “Tesla should approach potentially (about 230,000) delivery number in the quarter and handily beat our (212,000) estimate and early whisper numbers in the (220,000) range,” he said. Don’t miss: Aurora unveils autonomous Toyota Sienna for ride-hailing with Uber The FactSet consensus is for Tesla to have delivered 204,000 vehicles in the third quarter, including 123,300 Model 3 sedans and 92,800 Model Y compact SUVs. The consensus “looks a little low,” said Joseph Spak, an analyst with RBC Capital. This quarter, eyes are “also on Tesla’s production, which we believe is doing an admirable job amid clear supply chain/semi availability issues,” he said in a note. After the sales report, investors’ focus likely will shift to quarterly financials and Tesla’s future developments, such as capacity buildouts, battery technology, and its autonomous-driving package, Spak said. Also in focus are second-half volumes, which Chief Executive Elon Musk said would be “a function of chip supply,” and the pace of demand in China, the analyst said. Tesla is likely to report third-quarter results in late October or early November. Earlier in September, Musk said the new, redesigned Tesla Roadster likely will be available in 2023 due to this year’s “super crazy supply chain shortages,” but qualified that by saying the new deadline assumes that 2022 “is not mega drama.” Tesla shares have gained 12% this year, compared with an advance of around 17% for the S&P 500 index.
DELIVERING ALPHA 2021 Onetime big Tesla bull Chamath Palihapitiya says he sold his position PUBLISHED WED, SEP 29 20215:14 PM EDTUPDATED 24 MIN AGO KEY POINTS Social Capital founder and CEO Chamath Palihapitiya revealed that he sold his Tesla position for capital to invest in other investment ideas. He said he exited his bet on the Elon Musk-led electric vehicle company “in the last year or so” as the high prices allowed him to generate cash to fund his other ideas. In this article Chamath Palihapitiya revealed that he sold his Tesla position for capital to invest in other investment ideas. The Social Capital founder and CEO said he exited his bet on the Elon Musk-led electric vehicle company “in the last year or so” as the high prices allowed him to generate cash to fund his other ideas. “I don’t have an infinite pool of capital. So when I have these ideas, the money has to come from somewhere,” Palihapitiya said Wednesday at CNBC’s Delivering Alpha conference. Palihapitiya told CNBC in January when Tesla was trading around $800 that the company was a “distributed energy business” and that the stock could double or even triple again. Tesla closed Wednesday at $781.31. Tesla was one of the biggest winners in the stock market last year on the back of strong demand for electric cars and investors’ preference toward growth-oriented companies. The shares soared a whopping 743% in 2020. This year, the stock has underperformed the broader market with a 10.7% gain year to date. Palihapitiya said he’s still bullish on Tesla but his thesis on the company has changed a bit. He admitted that he “completely underestimated” how big the EV market could be. “When you see it now, the market has flipped. ...Tesla will be very busy just being a best-in-class EV company,” he said.
Cathie Wood sells $270 million in Tesla as bond rout hurts Ark Wood's Ark Investment Management offloaded more than 340,000 Tesla shares across three exchange-traded funds on Tuesday Topics Tesla Sam Potter | Bloomberg Last Updated at September 29, 2021 17:43 IST Tesla ditches radar sensors Elon Musk upheld after a fatal crash[/paste:font] Elon Musk attributes Tesla price hikes to 'supply chain pressure' Elon Musk refutes claim that he tried to replace Cook as Apple CEO Musk decries bitcoin's 'insane' energy use after Tesla payment U-turn Musk thinks Tesla is close to establishing a local presence in Russia Cathie Wood sold a near $270 million stake in Tesla Inc. as the bond selloff hit rate-sensitive technology stocks to spur outflows from her growth-focused funds. Wood’s Ark Investment Management offloaded more than 340,000 Tesla shares across three exchange-traded funds on Tuesday, according to the firm’s daily trading update. Some 11% of the famous ARK Innovation ETF (ticker ARKK) is still betting on Elon Musk’s company, according to data compiled by Bloomberg. The firm tends to trim the stake when it rises above 10%. Tesla has generally outperformed in the global rout hitting rate-sensitive investing styles, while ARKK posted one of its worst sessions in months on Tuesday. Meanwhile data overnight showed money managers withdrew $297 million from the growth-focused fund on Monday, the most since March, to bring the four-day outflow to more than $660 million. Since the Federal Reserve signaled last week a move to taper pandemic stimulus, Treasury yields have jumped and sent a shockwave through growth shares. Ark funds are heavily exposed to such names thanks to Wood’s focus on disruptive innovation and tech. Tesla remains Wood’s largest bet as the biggest holding for the flagship ARKK fund as well as the firm overall. She predicts its shares will rise from around $778 currently to $3,000. However, Ark often trims its stake in the carmaker when it has performed very well or grown too large in the portfolio. The carmaker is up 5.7% this month, compared with 5.2% drop for the Nasdaq 100 tech gauge. ARKK is down 8.2%. Trading arrangements for the Ark ETFs mean flow data arrives with a one-day lag, but given ARKK’s 4.2% slump on Tuesday it’s likely there were more outflows in the latest session. If so, the amount of Tesla sold by the firm could have been higher than $270 million, since the daily trading updates show only actions by the Ark team, and do not include redemption activity caused by investor flows. ARKK gained 1.4% in early trading as of 7 a.m. in New York, while futures for the Nasdaq 100 added 0.9% and Tesla climbed 0.9%.
In response to the misinformation: Is Tesla Becoming A Threat To The World's Largest Utilities? Posted on EVANNEX on September 29, 2021 by Charles Morris The traditional utility model, in which energy is generated by a small number of enormous central power plants, is already as outdated as cars that burn fossil fuels. The electrical grid is gradually becoming a more complex, decentralized web of small generating plants—many of them using renewable energy—and stationary storage facilities, collectively known as distributed (or dispatchable) energy resources (DERs). Tesla is at the forefront of this trend. It sells not only solar panels, but also battery storage systems for residential (Powerwall), commercial (Powerpack) and utility-scale (Megapack) applications. Another piece of the puzzle is Autobidder, a software product that provides “a real-time trading and control platform” to enable independent power producers to make battery assets available to the grid as DERs. Recently, the company has been taking steps to put this all together, and become “a giant distributed utility.” Last November, Tesla partnered with Octopus Energy to become a retail energy provider in the UK. In August, the company applied to the Texas Public Utility Commission to enter the state’s electricity market as an official retailer. Now IEEE Spectrum reports that Tesla, together with Octopus Energy Germany, is offering retail utility services in two large German states. The Tesla Energy Plan is available to households that have solar panels and a Tesla Powerwall. It’s currently offered in the German states of Baden-Württemberg and Bavaria, and according to Handelsblatt, it’s scheduled to be rolled out to the whole country by the beginning of 2022. Tesla began laying the groundwork for this new business venture last year—it became a member of the Paris-based EPEX Spot power exchange, a platform used to trade cross-border electricity in western Europe, and surveyed German customers about their interest in using Tesla-branded electrons to power their cars (and houses). It appears that the California disruption machine intends to take on not only the powerful German auto brands, but the country’s major electric utilities as well. By aggregating the solar generating capacity and the storage capacity of Tesla Energy Plan households, Tesla can create a virtual power plant, which it can market as a DER using its Autobidder software. The company has the real estate to create even more generation and storage assets—solar panels are likely to start appearing on the roof of the Berlin Gigafactory, and on carports at Supercharger sites. And what will these sites use for storage? Why, Tesla Powerpacks, of course. It’s surely no coincidence that Tesla’s retail utility offering is appearing first in Germany and Texas, the sites of the next two Gigafactories. Tesla is just one player in the rapidly-changing utility industry, but its well-known brand has attracted an unprecedented amount of attention to a complex network that most of us never think about, as long as the lights stay on. “Over the last 5 to 10 years we have seen an uptick in new entrants providing retail energy services,” Albert Cheung, Head of Global Analysis at BloombergNEF, tells IEEE Spectrum. “It is now quite common to see these types of companies gain significant market share without necessarily owning any of their own generation or network assets at all.” “There are going to be more and different business models out there,” Cheung says. “There is going to be value in distributed energy resources at the customer’s home, whether that is a battery, an electric vehicle charger, a heat pump or other forms of flexible load, and managing these in a way that provides value to the grid will create revenue opportunities.” Written by: Charles Morris; Source: IEEE Spectrum
All this negative news on TSLA from company news to everyone selling yet it’s near its recent highs . Very much like the mkt . I smell a run to a 1000 by yr end if the mkt gets moving up nicely the next few months .
On a positive note. GM's Cruise gets permit to give driverless rides to passengers in San Francisco Waymo also received approval to operate, but only Cruise can operate on a fare basis REUTERS Sep 30th 2021 at 4:50PM SAN FRANCISCO – GM's Cruise self-driving car subsidiary said on Thursday it has become the first company to receive a regulatory permit to offer driverless ride-hailing services in California. Waymo also said it has obtained a permit from the California Department of Motor Vehicles to deploy autonomous vehicles – with safety drivers behind the wheel. ADVERTISEMENT They may give rides for free with the new permit, but they would need to obtain another permit from the California Public Utilities Commission to start charging passengers for rides. Cruise and Waymo had earlier this year applied for approval from the California DMV to deploy their self-driving vehicles in San Francisco, setting the stage for the biggest tests yet of the technology in a dense urban environment. The California DMV said in a separate release that Cruise driverless "vehicles are approved to operate on public roads between 10 p.m. and 6 a.m. at a maximum speed limit of 30 miles per hour." The Waymo vehicles which have safety drivers behind the wheel "are approved to operate on public roads within parts of San Francisco and San Mateo counties with a speed limit of no more than 65 mph," the DMV said. (Reporting by Hyunjoo Jin and Jane Lee in San Francisco/Additional reporting by Paresh Dave in Oakland, Calif. Editing by Peter Henderson and Matthew Lewis)
Sorry, they are not "driverless" or "autonomous" if there is a "safety driver" behind the wheel. And people think flying cars are going to become a reality. HAH! Ain't gonna happen.
I tend to agree with you there, although without the visceral hatred for EV tech and associated dev. I think those companies are doing themselves a disservice using terms that oversell their capabilities and end up disappointing. They should do the opposite, by promoting rides of the future in EVs with tomorrow's tech, without ever calling it driverless. That conclusion should come from the rider when seeing the driver just monitoring the vehicle.