Hyperdrive
Tesla Plunges as Analyst Delivery Warning Adds to Week of Losses
- Automaker can’t avoid trade-war effects, Loup Ventures says
- Company seen surviving if its sales exceed 300,000 cars a year
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Tesla Inc. dropped 4.4% in U.S. pre-market trading as analysts at Loup Ventures and Morgan Stanley gave increasingly bearish commentary on the U.S. electric-car maker.
Loup Ventures co-founder Gene Munster wrote in a note that Tesla will probably miss its 2019 delivery target range as sales shrink in China amid a trade war between the two countries. The analyst cut his estimate for Tesla’s full-year global car sales by about 10% to 310,000 vehicles, versus the minimum 360,000-unit target the manufacturer set in March. The shares are poised for their seventh day of losses and are down 27% over the past month.