Hey, everybody. Welcome back to the Elon Musk
Podcast. This is a show where we discuss
the critical crossroads that shape SpaceX, Tesla X, The
Boring Company and Neuralink. I'm your host, Will Walden.
Tesla has seen its stock performance take a significant
turn as investor sentiment improves.
Now, it's attracting renewed attention, particularly with the
highly anticipated robo taxi set to make its debut now.
On Friday, Tesla shares concluded their highest winning
streak since June 13th, 2023. That's the longest as well.
And the stock closed at $251.52 per share again.
That eradicated an 11% annual deficit, marking a 1.2% increase
for the year. Now, throughout the month, Tesla
stock surged by 27%, significantly outpacing the S&P
500's modest 2% rise. Tesla reported second quarter
deliveries of 443,956 vehicles, surpassing expectations, and
this figure included 422,405 deliveries of the Model 3 and
Model Y, with the remaining 21,551 comprising other electric
vehicle models. And despite a 4% year over year
decline, the performance was seen as a positive indicator for
the company's future. Now, analyst Dan Ives from
Wedbush Securities is optimistic about Tesla's future, said that
it's stabilizing demand for electric vehicles globally, and
he highlighted that the company's forthcoming Robo Taxi
day on August 8th will be a critical event.
It's coming up soon, everybody. So be careful.
Of all the imitators out there with robo taxis, Tesla's going
to be the one now, potentially this will pave the way for full
self driving technology and an autonomous future, something
that Elon Musk has been promising every year for about 5
or six years. Full driving next year.
Well, hopefully this will be the
year on August 8th that we're going to be really close to
that. They need to have full self
driving if they want these robo taxis to actually work.
Now, Ivy maintains an outperform rating at Tesla with a price
target of $300.00 and a bullish scenario with a potential rise
to 400. And of the 50 analysts covering
Tesla, 22 recommend buying the stock, 18 advice holding, and 10
suggest selling, according to data from Thompson One.
This consensus reflects the varied perspectives on Tesla's
market position and future prospects.
Now remember, all of this is not advice.
What I'm saying right now, this is not advice.
Just want you to know that these are just the numbers and I want
you to run your own and do your own math.
And Elon Musk amplified interest by retweeting a video show Kiki
seeing a hands free Tesla ride from Golden Gate Park to Fort
Point. Now that shows the company's
advancements in autonomous driving tech.
And it contributed to the stocks 2% rise on Friday, extending an
impressive 37% Rayleigh over 8 sessions and a 43% gain over the
past month. Now, beyond vehicle production
and deliveries, Tesla's energy storage business is experiencing
rapid growth. Adam Jonas of Morgan Stanley
said that Tesla's recent performance, including better
than expected second quarter deliveries and significant
energy storage achievements, show that the company's
diversifying. And another boost for Tesla came
from China, where the provincial government included locally
produced Tesla vehicles on its purchase list.
Now, the development permits government workers to buy Tesla
Model Y as a service vehicle, indicating strong institutional
support for the brand in the region.
And despite facing stiff competition for Chinese electric
vehicle manufacturers and experiencing some demand
fluctuations in the US, Tesla is making strategic moves to
maintain its market position now.
Earlier this year, the company reduced its global workforce by
more than 10% and cut vehicle prices to stimulate sales.
During Tesla's recent storage Excuse me shareholder meeting,
Elon Musk acknowledged the ongoing challenges in the EV
market. Noting the transitionary period
affecting demand and sales right now.
Barclays analyst Dan Levy remarked that while the second
quarter results were positive, broader market conditions remain
challenging. Levy has an equal weight ratio
on Tesla with a price target of about $180.
Now, Tesla's upcoming second quarter financial results
scheduled for July 23rd are expected to draw significant
attention. Stay tuned to this channel
because we will bring you all of that now.
Analysts are particularly focused on the company's
automotive gross margins, given the extensive discounts and
incentives offered over the past year to boost sales of its
existing models. And in late 2023, Tesla showed
off the cyber truck. This is the angular pickup we
all know and love, and it quickly became the best selling
fully electric truck in the US during the second quarter,
according to social media reports.
Now this achievement is a notable milestone as Tesla
expands its product line up to vehicles such as trucks.
Now Ford, who is a huge competitor to Tesla, reported
sales of 7902 units of its fully electric F-150 Lightning in the
second quarter, totaling 15,645 units for the first half of the
year. Tesla's performance in the
segment shows that it has a competitive edge in the electric
pickup market. Now, we anticipate that Tesla's
Robo Taxi day on August 8th will be a significant event for the
company. We're predicting that although
the robo taxi segment might not launch before 2027, it'll be an
important business area for Tesla in the long term.
A price target of 230 is a talked about number on Tesla,
and that's a possibility that you might want to buy the stock
now because if it goes up to 230, you're going to be cashing
in if you have enough stock. But of course, this is not
advice. This is just, you know, you do
your own work here, you figure out your own finances and you do
your own thing. And despite this recent rally
that's going on, Tesla stock performance still kind of lags
behind broader market indices. For the year, the NASDAQ gained
22%. S&P 500 has risen 17% in 2024
compared to Tesla's 1.2% increase.
Now, it shows that there's challenges facing Tesla right
now and they have to start matching the overall market
growth. And recent polls indicate the
Tesla's brand image is suffering due to Musk controversial
actions in political statements. A New York Times survey
highlighted the Musk's polarizing behavior is
alienating some left-leaning consumers, which could impact
Tesla's market position. Tesla has also faced delays in
delivering full self driving capabilities, a goal that Musk
announced way back in October of 2016.
And pretty much every year since then, he said that it's going to
be the next year. And despite claims that all
Tesla vehicles produced at the time had the necessary hardware,
Musk recently indicated that another hardware and sensor
update is required to actually achieve full self driving.
Hey, thank you so much for listening today.
I really do appreciate your support.
If you could take a second and hit the subscribe or the follow
button on whatever podcast platform that you're listening
on right now, I greatly appreciate it.
It helps out the show tremendously and you'll never
miss an episode. And each episode is about 10
minutes or less to get you caught up quickly.
And please, if you want to support the show even more, go
to patreon.com/stage Zero. And please take care of
yourselves and each other, and I'll see you tomorrow.