Tesla’s Biggest Bear Finds 6 Unexpected Problems In Today’s Numbers

Posted On July 3, 2018 1:48 pm

With his street low TSLA price target of $93/share, Vertical Group’s Gordon Johnson has rightfully earned himself the nickname of most bearish Tesla analyst on Wall Street, and according to some, Johnson was instrumental in facilitating today’s bizarre $30 intraday swing in TSLA’s stock price from a 6% spike at the open on the “surprise” news the company had “hit” its 5000 Model 3 quota, to a confounding 3% drop shortly after noon.

Speaking on Bloomberg TV, Johnson expressed numerous concerns about the company, mostly about its continued cash burn: “If they run out of cash, the stock will fall quickly. We think that is around the corner.” But more apropos to today’s Q2 delivery release, Johnson questioned whether some cars that left the factory were counted as produced but still needed further work prior to consumer delivery, the so-called “factory gated”, whose interpretation has prompted a mini scandal within the Teslarati on twitter.

Following his interview, and right around the time we learned that Tesla’s chief engineer Doug Field was not coming back from his “family time sabbatical”, Johnson sent out a note to clients in which he explained that while much had been made of TSLA hitting the all-important milestone of 5,000 Model 3 cars produced in the last week of June, he found 6 key aspects of TSLA’s numbers concerning.

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