Tesla Stock in Correction Mode

Published on: 17 Jul, 2017

Tesla Inc. (NASDAQ: TSLA) stock fell more than 3% Monday. During the National Governors Association summer meeting, which took place Saturday, CEO Elon Musk commented on Tesla’s impressive stock market rally year to date – up more than 50% based on Friday’s closed price.

"I've gone on the record several times that the stock price is higher than we have the right to deserve and that's for sure true based on where we are today," Elon Musk said.

Earlier on July 7th Tesla released an official update on the company’s 2nd quarter performance.

“In addition to Q2 deliveries, about 3,500 vehicles Tesla delivered just over 22,000 vehicles in Q2, of which just over 12,000 were Model S and just over 10,000 were Model X. This represents a 53% increase over Q2 2016. Total vehicle deliveries in the first half of 2017 were approximately 47,100.” Tesla reported.

Goldman analyst David Tamberrino cited, according to CNBC, Tesla's second-quarter deliveries of approximately 22,000 cars missed his forecast of 23,500 and the Wall Street consensus of 24,200. Investors were also concerned when Tesla did not include in-transit data in the report.

Tesla also noted that, “Provided global economic conditions do not worsen considerably, we are confident that combined deliveries of Model S and Model X in the second half of 2017 will likely exceed deliveries in the first half of 2017.”

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Danny Abramov

Email: Danny@financialbuzz.com

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