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Tesla plunges as a warning of analysis release adds week to loss




(Bloomberg) – Tesla Inc. dropped 4.4% in US pre-market trading as Loup Ventures analysts and Morgan Stanley commented increasingly on the US electric car manufacturer.

Loup Ventures co-founder Gene Munster wrote in a note that Tesla is likely to miss 2019 delivery targets as sales shrink in China during a trade war between the two countries. The analyst cut his estimate for Tesla's year-round car sales by about 10% to 310,000 cars, as opposed to the minimum 360,000 unit targets the manufacturer put in March. The shares are ready for their seventh day of loss and are down 27% over the past month.

"We lower our numbers as a precautionary measure related to two unknowns", including China's probable introduction of tariffs on Tesla car imports as well as other barriers such as new rules on sales or a potential consumer boycott of US goods, Munster said. Loup's pessimism on the import charges is a "minority view", discounting most investors' expectation that Tesla will remain exempt because of its investment in a Chinese battery factory, he said.

Compound woes for the company, analyst Adam Jonas, Morgan Stanley, who earlier this week said the Tesla share could deeply reach as little as $ 10 at worst, held a private conversation with investors Wednesday where he said the company is " looked more like a worried credit and restructuring story. " [19659005] Tesla is likely to survive as the world market for electric vehicles, says Loups Munster. Recent collection gives the manufacturer a two-year cash cushion as long as deliveries exceed 300,000 in the year up to 2020, even though the term of protection is reduced if car sales fall below this level, he said.

(Marketplace updates.]

– With help from Jan-Patrick Barnert.

To contact the reporter on this story: Tom Lavell in Frankfurt at tlavell@bloomberg.net

To contact the editor responsible for this story: Beth Mellor at bmellor@bloomberg.net

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