Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<h2>What's new?</h2><p>According to <a href="https://www.smartkarma.com/entities/20279" target="_blank" data-smartkarma-citation="entities:20279:1">Tesla Motors Inc (TSLA US)</a>'s press release today, Tesla delivered just over 22,000 vehicles in 2Q17, down 12% q/q and up 53% y/y (12,000 were Model S, down 11% q/q, and 10,000 were Model X, down 13% q/q).  Total vehicle deliveries in the first half of 2017 were approximately 47,100, which is falling short of 48,500 as the midpoint of earlier guidance (47,000-50,000). Different from the last delivery miss because of short-term production challenges from the transition to…</p>

What's new?According to Tesla Motors Inc (TSLA US)'s press release today, Tesla delivered just over 22,000 vehicles in 2Q17, down 12% q/q and up 53% y/y (12,000 were Model S, down 11% q/q, and 10,000 were Model X, down 13% q/q).  Total vehicle deliveries in the first half of 2017 were approximately 47,100, which is falling short of 48,500 as the midpoint of earlier guidance (47,000-50,000). Different from the last delivery miss because of short-term production challenges from the transition to…

Tesla - Missed Deliveries Again and What's the Next Excuse for the Miss?

<h2>Summary</h2><ul>
<li>
<strong>Tesla announced a miss on production challenges</strong>: Tesla delivered a miss with approximately 22,200 vehicles in Q4 due to short-term production challenges starting at the end of October and lasting through early December from the transition to new Autopilot hardware.</li>
<li>
<strong>Missing delivery by 12%</strong>: Tesla earlier guided 4Q delivery of 25.18k vehicles and 50k in 2H16 but delivered 22.2k vehicles in 4Q16 and 47.02k in 2H16, missing by 12% in 4Q16 due to changing vendors from <a href="https://www.smartkarma.com/entities/22927" target="_blank" data-smartkarma-citation="entities:22927:1">Mobileye</a> to <a href="https://www.smartkarma.com/entities/5891" target="_blank" data-smartkarma-citation="entities:5891:1">Nvidia</a>'s PX2…</li>
</ul>

Summary

Tesla announced a miss on production challenges: Tesla delivered a miss with approximately 22,200 vehicles in Q4 due to short-term production challenges starting at the end of October and lasting through early December from the transition to new Autopilot hardware.

Missing delivery by 12%: Tesla earlier guided 4Q delivery of 25.18k vehicles and 50k in 2H16 but delivered 22.2k vehicles in 4Q16 and 47.02k in 2H16, missing by 12% in 4Q16 due to changing vendors from Mobileye to Nvidia's PX2…


Risks to Suppy Chain and Consensus Estimates Due to Tesla's Miss

Taiwan

Eson Precision Ind. Co., Ltd. designs and manufactures mechanical parts for consumer electronics.

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