Elon Musk really doesn't like Alexandre de Moras.
tesla (TSLA) The CEO took to .
“We will soon publish everything requested by @Alexandre and how those requests violate Brazilian law,” Musk said in a twitter.com/elonmusk/status/1776989005848207503″>April 7 post. “This judge has blatantly and repeatedly betrayed the constitution and the people of Brazil. He should resign or be impeached. Shame @Alexandre, shame.”
The judge also opened a separate investigation against Musk for alleged obstruction, according to the x-supreme-court-investigation-a645757b95a66ee658832802908466ab”>Associated Press.
Meanwhile, Tesla has settled a lawsuit brought by the family of a Silicon Valley engineer who died in a 2018 crash on a San Francisco Bay Area highway while relying on the company's semi-autonomous driving software, AP reported.
The amount Tesla paid to settle the case was not disclosed in court documents filed on April 8, a day before the trial stemming from the accident began.
In a court filing seeking to keep the sum private, Tesla said it agreed to settle to “end years of litigation.”
Walter Huang's family filed a negligence and wrongful death lawsuit in 2019 seeking to hold Tesla accountable for repeatedly exaggerating the capabilities of Tesla's self-driving vehicle technology.
Tesla reportedly scraps low-cost electric vehicle
While Huang's family acknowledged that he was distracted while driving the car, they argued that Tesla was at fault because it falsely marketed Autopilot as self-driving software.
Late last month, Musk told Tesla employees that it would be “mandatory” for its North American operations to install and activate fully self-driving software in new Tesla vehicles and take customers on a short test drive. before handing over the car.
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The world's largest electric vehicle maker has been dealing with disappointing deliveries, increased competition from China and a slowdown in electric vehicle sales.
Analysts have taken note of the company's challenges and are revising their assessments of the company.
Tesla shares recently fell following a Reuters report that the company had canceled its long-awaited low-cost electric vehicle.
Reuters, citing three unnamed sources familiar with the situation and internal company documents, said the decision to scrap the cheaper model came in February.
Part of the move, according to the report, involves an internal pivot to focus more of the company's attention on developing a fleet of robotaxis.
Musk wrote in a twitter.com/elonmusk/status/1776272471324606778″>April 5 post
Martin Eberhard, founder and former chief executive, said it was a “shame” to hear the carmaker was scrapping its low-cost car plans. Reuters reported April 9th.
“We've both read in the news that Tesla is delaying or eliminating its low-end Model 2 program, which is a shame for them, but it's a sign that China has a real opportunity to expand there,” Eberhard said at HSBC Global. Investment Summit in Hong Kong.
Morgan Stanley analyst Adam Jonas pointed to the timing of the Reuters story with Musk's announcement this month that Tesla will unveil its robotaxi on August 8.
Jonas, who confirmed Morgan Stanley's overweight rating and $310 price target on Tesla shares, said he began writing about the investment considerations of a potential Tesla robotaxi business since he began modeling “Tesla Mobility.” ” in 2015. That's when Tesla's market capitalization was just $30 billion. . It is currently above $550 billion.
“We had (wrongly) expected the company to formally launch a highly automated ride-sharing service in 2018,” he wrote. “Almost a decade later, we're still waiting.”
Analyst: the path to robotaxis is “long-term and volatile”
The analyst said that August 8 will offer some important clues.
While Tesla has many attributes “that can make it a formidable player (if not an outright winner) in the race toward autonomy, we believe the most material commercial scale of the business would occur well beyond 2030,” Jonas said.
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The analyst warned that the path to scale commercialization of “true robotaxis” without steering wheels will be “both long and volatile.”
Jonas expects investors to witness a shift in Tesla's business model over time toward a software-based, asset-less, recurring revenue model. He wondered if a robotaxi could be the first step in changing the core business.
On April 2, Tesla posted a much weaker-than-expected first-quarter delivery count.
Tesla delivered 386,810 new cars during the three months ending in March, the company said in a statement, down 8.5% from the same period a year ago and 20% below the record total of 484,507 reached during the three months ending in December.
Analyst delivery forecasts ranged from 425,000 to around 470,000, with LSEG data putting the March quarter target at around 455,000 units.
At the time, Wedbush analyst Dan Ives described the results as “an absolute disaster.”
Despite the robotaxi potential, Goldman Sachs cut its price target for Tesla from $190 to $175, while affirming a neutral rating on the stock.
The company attributed the weakness to both production and competitive and market headwinds. Goldman's positive view on Tesla's long-term growth potential and market position is offset by what he believes is a full valuation and weaker near-term fundamentals.
UBS analyst Joseph Spak told investors that Tesla's vehicle unit growth could be challenged in the coming years, following results from the investment firm's Global EV 2024 survey.
While Tesla maintained its status as the leading brand in battery electric vehicles at 39% globally, Spak said he viewed the results as obstacles to the Tesla unit's growth in the coming years. This is due to survey results outside of China, a continued stagnation in demand for electric vehicles within China, and increased competition.
UBS made no changes to its neutral rating or $160 price target.
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