Tesla Motors shares slid Wednesday on a new note from Morgan Stanley s Adam Jonas, who cut his forecast for Model X deliveries from 15,000 in 2015 to 5,000.
We have adopted our Model X forecasts not only for a 3Q launch (which we expect to be late 3Q), but also for a slow ramp once deliveries begin, wrote Jonas. Our forecasts apply what we believe to be reasonable execution risk on this important model to ensure uncompromising quality of initial units.
Earlier this week, Jonas questioned if Tesla was planning to ditch the Falcon Wing doors on the Model X. CEO Elon Musk shot down that theory in a tweet Wednesday, saying that Rumors about canceling Falcon wing doors are false. At Tesla, the production car will always be better than the show car.
Jonas says that the Model X is critical to the Tesla story and execution on this product in critical. He also notes that investors should look for any hiccups/delays as an opportunity to increase exposure to what we believe is the most important manufacturer in global autos.
Tesla sent an email to Model X reservation holders stating that demand has been intense and orders are continuing to come in at a rapid rate….While we ll be working through all orders as fast as possible, anyone ordering the car today should not expect delivery until well into 2016.
Tesla also announced that Model X will be the first electric vehicle with towing capability. The optional tow hitch will support accessories and racks to transport skis and bikes with the minimum effect on aerodynamics. We re also working with the best rack and accessory companies in the world to have elegant carrying solutions ready for Model X customers next year.
Tesla Model X.
