Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Vicki Bryan founded Bond Angle in 2018, after more than 20 years in investment management and research, with a primary focus in high yield and distressed markets and selected coverage in investment-grade fixed income and equity. 

Vicki Bryan's Bond Angle provides insightful commentary and analysis on high yield bond markets and market movers, including financial, economic, and industry catalysts, noted for spotting management stumbles and shenanigans early and often. Follow Vicki at bondangle.substack.com and on Twitter @VickiBryanBondA and LinkedIn.

Founder & CEO Bond Angle, LLC

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Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

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<a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> has<a href="https://www.smartkarma.com/compose/insight/44419/Germany,%20France,%20Italy,%20the%20Netherlands,%20Portugal,%20Switzerland%20and%20Sweden" target="_blank" rel="noopener"> shipped 7,000</a> Made-In-China Model 3s to Europe, with expected distribution upon arrival next month to Germany, France, Italy, the Netherlands, Portugal, Switzerland, and Sweden.Interestingly, this news comes after Tesla managed to top reduced market consensus estimates for revenue and profits reported for its third quarter, released after the market closed Wednesday and projected full year deliveries up 30-40%.However, as I projected, Tesla again needed a sizable boost from energy credits and accounting maneuvers to increase operating revenue and profits sufficiently to mask yet another loss because its car business, its energy generation &amp; storage business, and its parts &amp; service business are still losing money after 17 years (see <a href="https://www.smartkarma.com/insights/what-to-expect-in-tesla-s-critical-q3" target="_blank" data-smartkarma-citation="insights:43768" rel="noopener">What To Expect in Tesla's Critical Q3</a> on 10/19/20).This didn't seem to worry Tesla's fans who initially boosted the stock up by 5% the following Thursday, though it should. Because Tesla has failed to overcome persistent weakness in core demand that I have been tracking for two years persist despite multiple rounds of price cuts and expensive discounting to boost sales. It has happened with every Tesla model in every key market.And now Tesla is trying to find new markets for excess inventory out of its new Shanghai plant versus the existing China market which CEO Elon Musk had projected last year would be so strong for Tesla it would need <a href="https://bloom.bg/3otCEDy" target="_blank" rel="noopener">several China plants to supply it</a>.So what's really going on with Tesla's demand?<div class="content-highlight">Read on for Bond Angleanalysis of Tesla's multi-year demand trends and prospects across markets.</div>

Tesla Motors (TSLA US) has shipped 7,000 Made-In-China Model 3s to Europe, with expected distribution upon arrival next month to Germany, France, Italy, the Netherlands, Portugal, Switzerland, and Sweden.Interestingly, this news comes after Tesla managed to top reduced market consensus estimates for revenue and profits reported for its third quarter, released after the market closed Wednesday and projected full year deliveries up 30-40%.However, as I projected, Tesla again needed a sizable boost from energy credits and accounting maneuvers to increase operating revenue and profits sufficiently to mask yet another loss because its car business, its energy generation &amp; storage business, and its parts &amp; service business are still losing money after 17 years (see What To Expect in Tesla's Critical Q3 on 10/19/20).This didn't seem to worry Tesla's fans who initially boosted the stock up by 5% the following Thursday, though it should. Because Tesla has failed to overcome persistent weakness in core demand that I have been tracking for two years persist despite multiple rounds of price cuts and expensive discounting to boost sales. It has happened with every Tesla model in every key market.And now Tesla is trying to find new markets for excess inventory out of its new Shanghai plant versus the existing China market which CEO Elon Musk had projected last year would be so strong for Tesla it would need several China plants to supply it.So what's really going on with Tesla's demand?Read on for Bond Angleanalysis of Tesla's multi-year demand trends and prospects across markets.

Tesla

What's Going On With Tesla's Demand?