Tesla 1Q24 likely the bottom. Sequential growth and recovering margins beyond – Buy, target price $280
Tesla will likely miss expectations when it releases production and delivery numbers in two weeks because of production issues in its Fremont, Berlin, and Shanghai fabs.However, looking ahead, there are signs that pricing is stabilizing. We therefore expect Tesla to exit 1Q24 on a positive margin trajectory and see upside to consensus expectations for the rest of the year and beyond.
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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