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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Tesla, Inc.    TSLA

TESLA, INC.

(TSLA)
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Real-time Estimate Quote. Real-time Estimate Cboe BZX - 02/24 07:22:26 am
865.5 USD   -3.94%
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Dad dancing Musk launches Tesla SUV programme in China

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01/07/2020 | 01:14pm EST
Tesla Inc CEO Elon Musk attends an opening ceremony for Tesla China-made Model Y program in Shanghai

Elon Musk raised an online storm by dancing on stage at the launch of Tesla's Model Y electric sports utility vehicle programme on Tuesday in its new Shanghai factory, where the company delivered its first cars built outside the United States to the public.

The $2 billion (£1.52 billion) Tesla Inc factory started delivering cars in just 357 days, a record for global automakers in China. The first 10 customers from the public received their China-made Model 3 sedans on Tuesday.

Billionaire CEO Musk danced enthusiastically on stage at the event, then stripped off his jacket and flung it aside to reveal a T-shirt with a cartoon of the factory. In a tweet, he labelled the video "NSFW" - not safe for work.

He predicted that "ultimately Tesla Model Y will have more demand than probably all the other cars of Tesla combined", with his voice cracking with emotion at times while talking about the progress of the Shanghai factory.

Musk's tweet of him dancing was viewed 2.5 million times and drew unflattering comparisons to famous Silicon Valley footage of Microsoft chiefs Bill Gates and Steve Ballmer dancing awkwardly at a 1990s Windows launch.

"Admit it Elon, you did it for the memes," one user tweeted https://twitter.com/RenataKonkoly/status/1214544692949475328, along with a picture of Musk stripping off his jacket. "I see you learned your dance moves at Dad school," said another.

"Just tryin to grow my follower count on pornhub …," the billionaire, who has a history of being playful with his Twitter account, retorted.

The ceremony was attended by Shanghai Mayor Ying Yong and other senior government officials.

Tesla executives, however, did not provide further details on the progress of the China-made Model Y project. A Tesla representative declined to comment further.

Tesla's shares, which have jumped about 10% since the beginning of this year, are trading close to their record high after the company beat Wall Street estimates for vehicle deliveries in its fourth quarter.

The positive news from the China factory have also caused a rally in shares of Tesla's Chinese suppliers. Shares of Tianjin Motor Dies Co Ltd have surged about 28% so far in 2020, while VT Industrial Technology Co Ltd is up nearly 6%.

Construction of Tesla's first plant outside the United States began in January 2019 and production started in October.

The factory started with a production capacity of 150,000 Model 3 sedans and Tesla aims to push that to 250,000 vehicles a year, including Model Y, in the plant's first phase.

Tesla unveiled its Model Y in March 2019 and said in October that production of the electric compact SUV at its Fremont facility was running ahead of schedule, adding at the time that it expects to launch the model by summer 2020.

It has said that margin expectations are higher for Model Y than Model 3, while production costs are roughly the same.

Tesla's China website estimates the starting price for Model Y vehicles at 444,000 yuan ($63,911.56). It will announce the retail price later, the website says. The China-made Model 3 sedans are priced at 355,800 yuan before subsidies.

Shanghai Vice Mayor Wu Qing said he hoped to see Tesla extend its cooperation with the city and for the car maker to manufacture more models at its Chinese plant.

By Yilei Sun and Brenda Goh

Stocks mentioned in the article
ChangeLast1st jan.
MICROSOFT CORPORATION -3.16% 178.59 Delayed Quote.13.25%
TESLA, INC. 0.18% 901 Delayed Quote.115.38%
TIANJIN MOTOR DIES CO LTD End-of-day quote.
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.23% 7.0381 Delayed Quote.1.34%
VT INDUSTRIAL TECHNOLOGY CO LTD End-of-day quote.
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Financials (USD)
Sales 2020 32 159 M
EBIT 2020 1 363 M
Net income 2020 689 M
Debt 2020 5 387 M
Yield 2020 -
P/E ratio 2020 242x
P/E ratio 2021 86,8x
EV / Sales2020 5,32x
EV / Sales2021 4,10x
Capitalization 166 B
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Mean consensus HOLD
Number of Analysts 35
Average target price 526,07  $
Last Close Price 901,00  $
Spread / Highest target 4,33%
Spread / Average Target -41,6%
Spread / Lowest Target -75,4%
EPS Revisions
Managers
NameTitle
Elon Reeve Musk Chief Executive Officer & Director
Robyn M. Denholm Chairman
Zachary Kirkhorn Chief Financial Officer
Kimbal Musk Director
Ira M. Ehrenpreis Independent Director
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