NEW YORK, NY / ACCESSWIRE / April 11, 2018 / Tesla shares ended the day a little over 5% higher yesterday even though Goldman Sachs slashed its 12 month price target on the stock and wrote about Model 3 production target concerns. Shares of Toyota also saw a gain. The Japanese automaker recently reported strong U.S. sales for the month of March.
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Toyota Motor Corporation
Tesla, Inc. shares closed up 5.19% on about 11 million shares traded on Tuesday. The gains were despite Goldman Sachs Analyst saying some worrisome things about the electric vehicle maker. The firm cut its price target on the stock from $205 to $195 and reiterated a "sell" rating. Analyst David Tamberrino of the firm wrote in a note to clients that there is concern over the company being able to meet its Model 3 production targets. He wrote, "At present, Tesla appears to have several bottlenecks within its Model 3 production ecosystem." It was recently that Tesla had reported its first quarter report on vehicle production and had failed to meet expectations. Tesla is still working on meeting a goal of 5,000 Model 3 cars a week and had said in its report that it was "laying the groundwork for Q3 to have the long-sought ideal combination of high volume, good gross margin and strong positive operating cash flow." Tamberrino however wrote, "We still believe Model 3 margins will likely be a negative drag on first-quarter results and only forecast modest improvement to overall company margins." He also said, "We see the company likely needing to raise capital in the third quarter to maintain an adequate cash cushion."
Tesla, Inc. Research Report at:
Toyota Motor Corporation shares closed up 1.66% on about 314,000 shares traded yesterday. The company recently reported its U.S. sales for the month of March which marked the third month in a row for strong sales for the company. Last month Toyota, which is Japan's largest automaker, reported a YOY increase of 3.5% in North American sales volumes at 223,000 units. In February the number had increased 4.5% YOY at 182,000 vehicles. Last year the automaker sold 2.4 million units in North America, which was a slight decrease of 0.6% from the year before. It was announced last week that Toyota's division, Toyota Motor North America, had promoted Chief Information Officer Zack Hicks to run a new division that is focused on mobility and digital transformation. He remarked, "CIOs are uniquely positioned for this. Now you can take this tremendous opportunity that new technologies are enabling and step into the gap that exists in all companies to deliver products and services.”
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