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    7203   JP3633400001

TOYOTA MOTOR CORPORATION

(7203)
  Report
Delayed Japan Exchange  -  01:00 2022-11-29 am EST
2005.50 JPY   -1.35%
04:48aToyota Motor Says Global Output, Sales Increased for Third Straight Month in October
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11/28Toyota's Oct global vehicle production up 23%, above its target
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11/28Toyota's Oct global vehicle production up 23%, above its target
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Tesla slides on widening delivery and production gap, demand worries

10/03/2022 | 06:29pm EST

Oct 3 (Reuters) - Tesla Inc shares closed down 8.6% in their steepest single-day decline in four months on Monday after third-quarter vehicle deliveries fell short of Wall Street estimates due to logistic hurdles, with slowing outlook for economic growth raising doubts about demand.

The tumble wiped out more than $71 billion in market value of the world's most valuable automaker and dragged down shares of other electric-vehicle makers.

Despite record quarterly deliveries, Tesla missed market expectations, with an unusually large gap between production and deliveries as it struggled to secure enough transportation during the peak time at a reasonable cost.

The shortfall in deliveries comes amid demand worries among investors and analysts due to increased prices of Tesla vehicles, higher borrowing cost and a dull outlook for global economic growth.

"While Tesla continues to point to supply constraints as limiting deliveries, the potential for demand destruction looms large," JP Morgan analyst Ryan Brinkman said. Analysts warned that demand may lose steam in the coming quarters, with Toyota Motor Corp's U.S. sales dropping 7.1%. "As far as shipping goes, we are not facing any issues," the Japanese automaker said.

Tesla will need to deliver more than 450,000 vehicles in the fourth quarter to meet its goal of growing deliveries by 50% annually. Reuters reported that it has set a target to produce about 495,000 Model Y and Model 3 in the period.

"The broader concern is more so than just them missing their deliveries, probably just more the going concern for all these smaller upstart EV... That might put us behind the curve in terms of where EV production goes," said GuideStone Capital Management's Brandon Pizzurro.

Still, analysts expect Tesla's manufacturing margins to remain robust in the fourth quarter, thanks to its pricing power and ability to use China as an export hub for many countries.

Meanwhile, rival Rivian Automotive Inc said on Monday it produced 7,363 vehicles in the third quarter, 67% higher than the preceding quarter, and maintained its full-year target of 25,000.

(Reporting by Akash Sriram, Ankika Biswas and Savyata Mishra in Bengaluru; Additional reporting by Nathan Gomes amd Yuvraj Malik; Editing by Arun Koyyur and Sriraj Kalluvila)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
LUCID GROUP, INC. -1.70% 9.85 Delayed Quote.-74.11%
RIVIAN AUTOMOTIVE, INC. -3.01% 28.64 Delayed Quote.-72.38%
TESLA, INC. 0.03% 182.92 Delayed Quote.-48.07%
TOYOTA INDUSTRIES CORPORATION -2.27% 7740 Delayed Quote.-13.82%
TOYOTA MOTOR CORPORATION -1.35% 2005.5 Delayed Quote.-3.44%
UPSTART HOLDINGS, INC. -1.35% 18.27 Delayed Quote.-87.92%
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Analyst Recommendations on TOYOTA MOTOR CORPORATION
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Financials
Sales 2023 36 785 B 265 B 265 B
Net income 2023 2 717 B 19 563 M 19 563 M
Net Debt 2023 19 366 B 139 B 139 B
P/E ratio 2023 10,3x
Yield 2023 2,91%
Capitalization 27 739 B 200 B 200 B
EV / Sales 2023 1,28x
EV / Sales 2024 1,23x
Nbr of Employees 372 817
Free-Float 69,9%
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Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 2 033,00 JPY
Average target price 2 291,67 JPY
Spread / Average Target 12,7%
EPS Revisions
Managers and Directors
Akio Toyoda Director & General Manager-Asia
Kenta Kon Chief Financial Officer, Director & GM-Accounting
Takeshi Uchiyamada Director & Manager-Development Center 2
Keiji Yamamoto Chief Information & Security Officer
Seiji Sakai Manager-Information Systems & IT Management
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