Tesla Keeps Making Progress with the Model 3 in 1Q but Long Journey Ahead
Tesla reported a first-quarter 2018 adjusted EPS loss of $3.35, beating consensus of a loss of $3.48. Total company revenue increased by 26.4% year over year (up 3.7% sequentially) to $3.4 billion, beating consensus of $3.2 billion. We are leaving our fair value estimate in place but we will continue to monitor Model 3 deliveries and adjust our vehicle delivery projections, which can impact our fair value estimate. We think the long-term story on what Tesla can achieve in electric cars, trucks, ...Tesla designs, develops, manufactures, sells and leases electric vehicles and energy generation and storage systems, and provides services related to its products. The company operates as two reportable segments: automotive, which includes the design, development, manufacturing, sales, and leasing of electric vehicles as well as sales of automotive regulatory credits; and energy generation and storage, which includes the design, manufacture, installation, sales, and leasing of solar energy generation and energy storage products, services related to such products, and sales of solar energy system incentives.
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