Latest News And Technical Analysis Of Tesla Stock
03 Oct 2022
Tesla’s logistical challenges overshadow record deliveries
Tesla Inc on Sunday announced lower-than-expected electric vehicle deliveries in the third quarter, as logistical challenges overshadowed its record deliveries.
The top electric car maker said “it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost,” but some analysts were also concerned about demand for high-ticket items due to the weakening global economy.
“The economy around the edges is still having a negative impact for Tesla (NASDAQ:TSLA) that’s mostly logistical. But I think there is some demand (issues) sprinkled in there,” Wedbush Securities analyst Dan Ives told Reuters after the delivery results.
“There is a dark cloud over the auto sector. And Tesla is not immune.”
Tesla delivered 343,830 electric vehicles, a record for the world’s most valuable automaker, but less than the 359,162 analysts on average had expected, according to Refinitiv. A year earlier Tesla delivered 241,300 units.
The latest deliveries fell short of Tesla’s production of 365,923 vehicles, which is rare for the automaker which has seen its deliveries higher or similar to show in many of recent quarters.
“As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks,” Tesla said in a statement on Sunday.
Tesla CEO Elon Musk said on Sunday “Smoothing out the crazy end of quarter delivery wave to reduce expedite costs & relieve stress on Tesla team.”
Last year, he said Tesla is having a “crazy wave” of deliveries at the end of each quarter because its Shanghai factory makes cars for exports to Europe and other countries in the first half of a quarter and then cars to be sold in China.
Tesla again asked employees to help deliver “a very high volume of vehicles to eagerly waiting for customers during the final days of Q3” in California, according to an email seen by Reuters.
TESLA Technical Analysis: Daily Chart
In the daily charts, TESLA is trading in an parallel channel. TESLA is currently trading below all SMA.
RSI is in selling zone which indicates bearishness. MACD is currently below zero which indicates bearishness.
Its immediate support is 258.79 & the resistance level is at 270.14.
TESLA will trade in parallel channel until there is trend reversal.
How to Trade TESLA this Week:
TESLA will follow the parallel channel until there is trend reversal. So, remain bearish on TESLA.