Tesla Moves to Improve Its Governance With Board Changes but To Us It's Still Elon's Board
Tesla's stock fell over 8% the morning of April 4 after an April 3 evening disclosure of first-quarter deliveries of about 63,000, which significantly missed market expectations of about 76,000. Total deliveries versus the fourth quarter fell 31%, with Model 3 sales down 19.7% and combined Model S and X deliveries down 56.2%. We are not changing our fair value estimate because for now we are giving Tesla the benefit of the doubt that the first-quarter numbers were a function of delivery problems...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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