tyb
Musk's leaked email shows Tesla to make record deliveries in second quarter
(Reuters) - Tesla Inc is on course to deliver a record number of cars in the second quarter, beating the 90,700 it sent to customers in the final quarter of last year, according to an internal email from Chief Executive Officer Elon Musk to staff.
never habben
Musk’s email, widely posted on social media and authenticated for Reuters by a source familiar with the matter, also said the company had on average produced 900 Model 3 cars per day this week, bringing it closer to a target of 7,000 per week.
Demand for Model 3 sedan and Tesla’s other cars has moved to the top of investors’ list of concerns around the company after it reported slack first-quarter demand for its vehicles against a backdrop of U.S.-China trade tensions.
Musk is battling to convince investors that demand remains high for Model 3, the sedan targeted to propel Tesla to sustainable profit, and that it can be delivered efficiently and swiftly to customers around the world.
In the email sent late on Wednesday, Musk also said the company had racked up over 50,000 net new orders this quarter as of Tuesday.
“It’s the usual Elon Musk scheme: spread positive mood with good news. Elon is a marketing man, but the Tesla reality is sobering,” Nord LB analyst Frank Schwope said.
The company faces major challenges, including launching production in China, overhauling its U.S. retail and service operations, and developing new models, including a high-volume Model Y SUV and a Semi commercial truck.
Musk has been in the past pulled up by the U.S. Securities and Exchange Commission for disclosing Tesla’s production outlook on Twitter.
Under a deal with the SEC, Musk had agreed to get some of his statements reviewed by Tesla’s legal counsel before publication, including financial statements and unreported production and delivery numbers.
It was not immediately clear if Musk’s mail to employees detailing crucial delivery and production numbers violates the agreement with the SEC.
The regulator could not be immediately reached for comment, while a Tesla representative did not respond to requests for comment.
Tesla had reported a 31 percent fall in first-quarter deliveries and had warned that profit would be delayed until the latter half of the year as it struggled with shipments of Model 3 to China and Europe due to longer transit time.
The carmaker is building a factory in China to produce its Model 3 electric vehicles in the world’s largest auto market and to escape a rise in tariffs on cars imported from the United States.
Tesla shares, down for six consecutive sessions as Wall Street worried over the company’s future and ability to keep investing, were up 3% shortly after Reuters published the confirmation of Musk’s mail. They had been trading down around 2.5%.
“While we are critical of Tesla’s execution, we think people have been way too eager to assume the worst case scenario,” said Roth Capital analyst Craig Irwin who has a “neutral” rating on the stock.
another ANALyst opinion-did you not see the VW news?
“Tesla is the EV industry leader for a reason, and we expect the company to remain successful.”
while we sell off our position to YOU.
https://www.reuters.com/article/us-tesla-production/musks-leaked-email-shows-tesla-to-make-record-deliveries-in-second-quarter-idUSKCN1ST1P2?il=0
not helping
+0.65 (+0.34%)
As of 12:37PM EDT. Market open.
He still needs outside funding and the token purchase of own shares did not do it.
It's ded….
https://www.secform4.com/insider-trading/1318605.htm
NOTABLE
Oil slumps 5%, U.S. crude at its cheapest since March
NEW YORK (Reuters) - Oil prices plunged about 5% on Thursday, with U.S. crude at its lowest since March, as trade tensions dampened the demand outlook, putting the crude benchmarks on course for their biggest daily and weekly falls in six months.
World shares were deep in the red as concerns grew the China-U.S. trade conflict was fast turning into a technology cold war between the world’s two largest economies.
“Again, we’re seeing the effect of worries about the trade issue on demand,” said Gene McGillian, Vice President at Tradition Energy in Stamford, Connecticut. Funds and money managers who had built up long positions are “heading to the exits” as trade concerns dim the demand outlook, he said.
Brent crude futures, the international benchmark, hit a session low of $67.53 per barrel, trading down $3.15, or 4.5%, at $67.84 by 11:19 a.m. EDT (1519 GMT).
Meanwhile, U.S. West Texas Intermediate (WTI) crude futures were down by $3.21, or 5.2%, at $58.19 per barrel. The contract earlier fell to a session low of $57.92, the lowest since March 15.
WTI dropped 2.5% on Wednesday after government data showed that U.S. crude inventories rose last week, hitting their highest levels since July 2017.
While the ongoing trade war between the United States and China is the main cloud over economic growth and demand predictions, other bearish factors also weighed on the market.
Euro zone business growth accelerated less than expected this month, a survey showed. IHS Markit’s Purchasing Managers’ Index (PMI), which is considered a good guide to economic health, only nudged up to 51.6 this month from a final April reading of 51.5, below the median expectation in a Reuters poll for 51.7.
Additionally, tensions between the U.S. and Iran are decreasing, some analysts said.
“The administration seems to be tamping down the president’s rhetoric on Iran,” said John Kilduff, a partner at Again Capital in New York.
The oil market has built in risk premium related to U.S. sanctions on Iran, and that risk is now seen decreasing, he said.
Countering these bearish factors are ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
French bank BNP Paribas said high inventories meant that OPEC would likely keep its voluntary supply cuts in place beyond their current end-June deadline.
Global geopolitical risk was still sufficient to provide a floor for oil prices, said Again’s Kilduff.
https://www.reuters.com/article/us-global-oil/oil-slumps-5-u-s-crude-at-its-cheapest-since-march-idUSKCN1ST01F
https://www.dailyfx.com/crude-oil
Dow Dumps 400Pts, Below Key Technical Support As Bond Yields, Dollar Plunge
Something finally snapped in market sentiment…
The Dow is back below its 200DMA (down over 400 points).
The Dollar is collapsing back to recent support once again.
And Bond yields are getting battered lower
mmmmkay…
With 30Y back to its lowest since Dec 2017.
See cap#3
https://www.zerohedge.com/news/2019-05-23/dow-dumps-400pts-below-key-technical-support-bond-yields-dollar-plunge
https://finance.yahoo.com/quote/%5EDJI?p=^DJI