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(Bloomberg) – The German auto industry, including Volkswagen AG and Continental AG supplier, is expected to grow both commercially and on the stock price if the precarious finances of Tesla Inc. resulted in the loss of revenue. collapse of US electric vehicle manufacturer, analysts said Sanford C Bernstein & Co.
Tesla's initial success with the Model S sedan, which the automaker's rival described as "deeply impressive," seemed to show that new battery-powered systems could soon supplant conventional engines, and that it depressed the actions of automakers. renowned equipment, Max Warburton, analyst writes in a report Monday.
But now, the company based in Palo Alto, California, appears to be "structurally unprofitable," with high fixed costs, a much smaller market for its models than expected, and a technology that is no longer unique. Warburton. This compares to the Mercedes-Benz brand of Daimler AG and BMW AG, which regularly generate cash and are about to expand their range of electrical products in the near future.
"A financial failure of Tesla would force investors to change the minds" of traditional builders, "would affect the credibility of other newcomers" and weaken regulators' willingness to accelerate the adoption of electric cars, said Warburton. "All this will be positive for the valuations of European manufacturers, especially high-end German brands", and will also help parts manufacturers such as Continental and its main investor, Schaeffler AG, which still have significant activities in combustion engines internal.
Warburton's comments are the last salvo of a debate among industry observers on the future of Tesla. The share price has collapsed in recent weeks and hit its all-time low in two and a half years on Friday, as skepticism grew about consumer demand for Tesla's vehicles and the ability to the company to manage its debt. Tesla did not immediately respond to a request for comment regarding the report sent by email.
Bernstein's analyst at US automaker Toni Sacconaghi has a strong market rating and Warburton, which focuses on European automakers, said he and his colleague had organized several "bull-to-bear" presentations on the company. . Two weeks ago, Adam Jonas, an analyst at Morgan Stanley, called Tesla a "restructuring", with the stock price falling to $ 10 in the worst case scenario, as it risks meeting its delivery targets.
– With the help of Young-Sam Cho, Oliver Sachgau and Jan-Patrick Barnert.
To contact the reporter about this story: Tom Lavell in Frankfurt at [email protected]
To contact the editors responsible for this story: Beth Mellor at [email protected], Phil Serafino
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