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Alphaville loves analysts with a sense of humor. Especially when Tesla is involved.
We must therefore applaud Barclays' Brian Johnson's last note, which examined Elon Musk's true recommendations for Tesla's annual deliveries. And, after falling into the wormhole, came to "two, even three, parallel universes from Tesla and his CEO." Far, man.
The problem comes from the delivery numbers that Tesla disclosed to its press release published in the fourth quarter of 2018, as well as comments from Musk since, both via Twitter and filings of court documents. Here's Johnson, again:
Universe 1: The written instructions controlled by Staid and validated legally by Staid appear in the letter to the shareholders of 4T18 (deliveries from 360 to 400 000 euros).
Universe 2: Oral comments, tweets and court documents from Musk (vehicles from 420 to 600,000 vehicles) that can be divided into:
2A: deliveries of 420-600k;
2B: production of 420-600k, but with deliveries capped at the 400k written guide.
We have the impression that Lebowski slips into bowling while reading this. Someone we have a Russian white.
Fortunately, Johnson has nice graphics to dispel the confusion. Here is the universe 1:
Enough.
In addition, Tesla's delivery figures for the first quarter are expected next week. Expect a quiet silence on anything related to Musk until now. Except he surprises us.
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