Tesla recovered one of its key metrics after a disappointing first quarter, as more Model 3s were registered during the spring than in Q1. Following this, Tesla increased its estimate for Model 3 deliveries for 2019. Its shares are trading close to $200, well below the company’s $300-plus share price at the beginning of 2019.
The month of May witnessed Tesla ahead of other electric auto making competitors. But again, the stock is down more than 40% this year. Elon Musk reasoned that Tesla is not exactly a growth story but a restructuring story. It increased total U.S. sales in May by 73% compared to last year. Meanwhile, sales climbed 39% for competing electric vehicles from Audi, BMW, Jaguar, Chevrolet (GM) and Nissan. Also, Tesla’s estimated total U.S. sales of 11,300 vehicles in May was 2.6 times the combined total of its competitors’ EV offerings - up from 2.1 times last year.
Morgan Stanley (MS) forecasts Tesla will deliver between a range of 360,000 and 400,000 vehicles this year, an increase of approximately 45% to 65% compared to 2018. On the other hand, JPM decreased its estimate for Tesla’s 2019 deliveries very slightly to 378,900 units from 379,600 over steadily increasing volume in the lower priced Model as well as declines in the higher end Model S and Model X vehicles.