Why We Lowered Our Model 3 Projections and Lowered Tesla's FVE
We recently lowered our Tesla fair value estimate to $179 from $235 based on comments CEO Elon Musk made in a July 13 Bloomberg interview. While speaking about the Model 3 being a "bet-the-company" situation, given the large step-up in production required, Musk said, "Once we break through to mass-market cars, where mass-market is on the order of a quarter million vehicles per year, I cannot see us doing a 1.2-million-vehicle program of one particular model." Given that Musk is talking about mas...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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