Goldman Sachs Raises Tesla Q2 Delivery Forecast to 420,000 Units
Institutional investors and professional traders rely on The Fly to keep up-to-the-second on breaking news in the electric vehicle and clean energy space, as well as which stocks in these sectors that the best analysts on Wall Street are saying to buy and sell.From the hotly-debated high-flier Tesla, Wall Street's newest darling Rivian, traditional-stalwarts turned EV-upstarts GMand Fordto the numerous SPAC-deal makers that have come public in this red-hot space, The Fly has you covered with "Charged," a weekly recap of the top stories and expert calls in the sector.Clickto check out Tesla's recent Media Buzz Sentiment as measured by TipRanks.TESLA/GOLDMAN SACHS:Early last week, Goldman Sachs said it believes Tesla's Q2 vehicle deliveries are likely tracking ahead of the 400,000 unit consensus estimate. Goldman upped its forecast to 420,000 units from 405,000, citing sales data points for Tesla's key regions China, the U.S., and Europe. Europe in particular is showing strong year-over-year growth, the analyst tells investors in a research note. Through May, Tesla's quarter-to-date deliveries are tracking down mid-teens year-over-year, adds Goldman. The firm keeps a Neutral rating on Tesla shares with a $375 price target.TESLA/FSD:Two U.S. senators have urged the NHTSA to investigate Tesla's self-reported safety data for its Full Self-Driving system, citing concerns raised in a Reuters investigation that the methodology behind Tesla's claims may be misleading and could overstate the system's safety performance, prompting renewed scrutiny of its driver-assistance safety disclosures, Chris Kirkham reported last Tuesday. Democratic senators Edward Markey of Massachusetts and Richard Blumenthal of Connecticut asked the NHTSA to respond by July 7 regarding whether it has reviewed Tesla's Full Self-Driving safety claims or requested the underlying crash data, while also urging stricter reporting requirements for autonomous and driver-assistance systems amid concerns that current rules may not adequately verify whether companies' public safety claims reflect real-world performance.Meanwhile, the Swedish Transport Authority is recommending a vote against the Europe-wide launch of Tesla's supervised self-driving software, unless the automaker disables its ability to exceed legal speed limits, Reuters' Maria Mannes and Abhirup Roy reported, citing a regulatory letter. The TRV said that "allowing automated systems to systematically exceed legal speed limits...risks undermining both the legal framework and the expected safety benefits of vehicle automation" in the letter, which was sent to the EU's Technical Committee on Motor Vehicles, expected to meet on June 30 to discuss the matter.Additionally, according to the Harris County Sheriff's Office, a driver in a Tesla vehicle engaged in automated driver-assistance mode crashed into a house and killed a woman inside, Jonny Diaz of The New York Times reported this week. The Tesla "entered through the brick residence at a high rate of speed" in Katy, Texas.TESLA/YPF:Argentine state energy company YPFsaid that it had signed a letter of intent to explore joint opportunities in fast-charging networks and energy storage infrastructure with Tesla. The accord came as YPF CEO Horacio Marin visited Tesla's Gigafactory in Texas, YPF said in a statement, with the visit focused on potential collaboration in energy infrastructure, electric mobility and technological innovation.RIVIAN LAYOFFS:Rivian laid off hundreds of employees last Tuesday in its service and customer organization, Ryan Felton and Becky Peterson of Wall Street Journal reported. A spokesperson told the Journal that the cuts represent less than 2% of Rivian's workforce. "We recently restructured a handful of teams within Rivian as we work to profitably scale our business," the company said.RIVIAN R2:Rivian's new, more affordable R2 SUV has arrived, but it's over $800 lease price is turning away potential customers away, Ellie Davis of The Wall Street Journal reported. According to the company's website, lease prices range from $800 to over $1,000.RIVIAN/CHARGESCAPE:Last week, Rivian and ChargeScape announced a partnership to enroll Rivian's high-capacity EV batteries into utility managed-charging programs. Through this partnership, Rivian EV drivers will be able to opt into ChargeScape's growing network of utility programs across North America, unlocking new ways to save on charging costs while supporting the grid. Rivian EVs already serve as a resource for the grid, but now they can seamlessly connect through partners like ChargeScape's broad network of power utilities, to serve as even more powerful flexible grid assets to help balance peak grid demands.BYD/HUNGARY:BYDhas rejected allegations it breached environmental rules in Hungary during the construction of its first plant in the European Union, Misha Savic of Bloomberg reports. "That is a false claim so we already have a lawyer to respond to that because we did not do anything wrong," BYD executive vice president Stella Li told Bloomberg.
