Tesla stock “on fire” with 2022 first quarter report

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Dan Ives, a tech analyst at Wedbush Securities explained the challenges of the German factory. 

“I’d say 30% of investors we talked to over the last six months thought Berlin was never going to open because of the red tape and bureaucracy. Many investors were fearing [Tesla] would never have a beachhead in Europe and it would just be an empty factory.”

A hosted event is being planned next week at Tesla’s Austin, Texas, facility. Cars have just started rolling out and shipping to owners in the last few weeks. 

The new additions will double the number of automotive assembly plants the company operates. With the original plants in Fremont, California, and Shanghai, China.

Even before Austin’s first deliveries were complete there was a rally in Tesla’s share price.

The company’s output was much “better than feared” according to Ives.

He claims Tesla results were impressive “in light of recent Covid shutdowns in China and massive logistics complications delivering units to customers in Europe. We believe roughly 20,000 to 25,000 units were pushed out of the first quarter into the second quarter due to the logistical and factory issues which make this underlying demand number still look strong with a robust trajectory for the rest of 2022.”