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Author: Alan LittleDate: 2021-07-28

Tesla (TSLA) -3% as Elon Musk warns of “serious” chip shortage

Tesla (TSLA) traded lower on Tuesday despite cruising past Wall Street Q2 forecasts as chip shortages linked to the carmaker’s growth dampened enthusiasm for investors.

Tesla (TSLA) shares slipped 3% on Tuesday despite it posting Q2 beats as investors zeroed in on Elon Musk’s warning of potential chip shortages during the remainder of the year.

Late on Monday, Tesla breezed past the Wall Street consensus of $0.98 per share earnings and $11.3bn revenue with actual figures of $1.45 and $11.96bn for the latest quarter to 30th June.

Group revenues soared 98% year-over-year on the back of strong sales of its electric vehicles with the latest count showing deliveries of 201,500 units, with Model 3 and Model Y making up the vast majority of that number.

Tesla also added $801m revenue from its energy business, which has been expanding slowly behind the scenes and includes battery-based energy systems for utilities.

The financial side of the report was impressive, but Musk’s comments about the “quite serious” global shortage of semiconductor parts gave investors pause for thought.

Tesla noted that its volume growth will be directly linked to the availability of key components in its supply chain in Q3 and Q4.

Musk also announced that he will be stepping back from making appearances at post-earnings conference calls unless there was something “really important” to divulge.

Tesla shares rose in pre-market on Tuesday, but that trend reversed when the Nasdaq opened, and by around 2pm ET, TSLA was down 2.08% for a new $643.65 share price.

Investors were also gearing up for Apple’s (AAPL) latest report, which was set to be released after Tuesday’s close.

UBS is confident after recently raising its estimates, while Wedbush analyst Dan Ives has forecast earnings and revenue beats amid strong demand for the iPhone 12.

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