Tesla Model X Launch Coincides With Stock Price Dive.
Long-term Sales Target Looks Unobtainable For Now.
The new Tesla Model X all-electric SUV hit the market just as its stock price took a big hit, despite the new car’s ecstatic reception in the media and the likelihood that it will sell for up to $15,000 more than expected.
“We had very high expectations for the technical capabilities of the vehicle and it appears Tesla has met these expectations,” said Morgan Stanley analyst Adam Jonas.
Bu Jonas said because of the higher price – $120,000 to $130,000 – Tesla may struggle to meet sales expectations, and this makes it more urgent that the cheaper, smaller Model 3 reaches the market soon.
Jonas said Tesla will now deliver 70,000 Model S and Model X models in 2016, including not more than 20,000 of the new models.
“The initial pricing of the Model X reinforces our view that the Model 3 will be in the $55,000 to $60,000 range, leading to total company volume a bit more than half of the company’s target by 2020. Our 2020 volume forecast now stands at 287,000, or 57 per cent of the company’s forecast of 500,000 in that year,” Jonas said.
Meanwhile, Tesla grabbed headlines in the media by announcing that a software update for its Model S owners will allow a degree of autonomous driving. It will stay in the lane, remain a set distance from the car in front, change lanes and park itself.
The stock price has been under pressure, and is now at just over $220 compared with $286 in mid-July. But its performance still looks fabulous compared with $36 early in 2013.