The company’s shares sank 11% and four Wall Street brokerages reduced their paper price targets after car shipments fell by more than half.
A fall more than expected in the deliveries of Tesla terrorized on Thursday to investors and stock operators, concerned about the ability of the manufacturer of electric vehicles to raise cash at a time when its CEO, Elon Musk , faces a new legal obstacle.
The company’s shares sank 11% and four Wall Street brokerages reduced their paper price targets, after Tesla’s two-car shipments – the S and X models – fell by more than half in the first trimester.
The implications of slower deliveries on the company’s cash flow, besieged by billions of dollars in debt, unsettled bond investors, which pushed the value of its speculative rating notes by the US $ 1,800 million for the first time. in seven months.
RBC analysts have said that the delivery rhythm of the S and X models is “disappointing” and estimated that the figures would translate into a gap of more than US $ 1 billion in revenues compared to the initial forecasts.
The company warned in February that it expects to record a loss in the first quarter after launching its less expensive version of its model 3, with a price of US $ 35,000 million.
Musk, which faces strong corporate pressure to show blue results, is confronted with US regulators after statements on Twitter about Tesla’s production estimates.
On Thursday, in a citation of the US Securities and Exchange Commission (SEC), his lawyers will argue that the executive did not violate an out-of-court settlement to resolve a fraud case, so that he will not be detained, in the most recent chapter of a high-caliber legal battle between the billionaire and the government.