Morgan Stanley $TSLA Q3 2022 Research Update
Sep 22nd 2023, 8:47 pm
- Q3 deliveries came in at 343,830 units vs the wall street consensus of 362,733, representing roughly a $1 billion revenue shortfall and an estimated $300m of lost gross profit
- Vehicle transportation capacity at a reasonable cost was the main reason provided by Tesla for missing estimates
- Morgan Stanley believes that demand continues to outweigh supply, but does not expect Tesla to compensate for the FY shortfall fully in Q4.
- 2 million unit deliveries for FY 2023 remain on track, but any further scale is going to require significant reductions in overall supply chain costs and batter materials sourcing.
- Morgan Stanley has an Overweight rating on $TSLA with a price target of $383.00
- Interestingly, MS believes the current trading period through to 2023, represents Tesla's most China-dependent period with 30% of total sales coming from China.