© Reuters. 2024 ‘looks tough’ for Tesla (TSLA), according to Bernstein
2024 for Tesla (NASDAQ:) looks tough, according to analysts at Bernstein, who said they believe the electric vehicle giant will see lower margins and disappoint in volumes.
In a note, the investment firm stated that Tesla’s Q4 deliveries of 485,000 were broadly in line with the sell-side consensus of 480,500, bringing full-year 2023 deliveries to 1.81 million, in line with company guidance.
However, they note that auto gross margins ex-credits are a key question. “We model 15.7% vs consensus of 17.8% but see potential downside given the impact of price cuts in September and October as well as significant discounting of “inventory” models in the quarter,” analysts at Bernstein, who have an Underperform rating and $150 price target on the electric vehicle giant.
“Mechanically flowing through Q4 price cuts…
