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Tesla's capital increases a 12-month bridge for the China operation



Elon Musk, CEO of Tesla Inc., speaks during an on-site event for the company's manufacturing facility in Shanghai, China, Monday, January 7, 2019.

Qilai Shen | Bloomberg | Getty Images

Tesla raises $ 2.7 billion in fresh capital, but it's just "a 12-month bridge," said Morgan Stanley on Monday when the company believes Elon Musk's electric car company should start producing and selling its cheaper cars in China.

"Increased dependence on China and robot axes undermine the robustness of the Tesla investment history," said Morgan Stanley analyst Adam Jonas in a note to investors. Jonas, who is much followed by his early talks with Tesla and electric vehicles, has become increasingly Cautious in the opinion of Musk's car dealership.

The demand is "still the # 1

challenge against the company," said Jonas. "The 7 billion increase is a" stop-gap "then for Tesla, Jonas said, and some of Morgan Stanley's Tesla cash on hand estimates run" uncomfortably low "from quarter to quarter in the coming year, while the amount was roughly what Morgan did. Stanley expected, the capital infusion came a quarter earlier than the company thought it would.

Morgan Stanley's estimates "are prepared for Model S and X demand to remain extremely low In the course of the year, "Jonas said" the models are still quite old and face cannibalization risk from the ever-growing use of Teslas. "

Morgan Stanley. Jonas said the firm's team in China "is extremely constructive on the prospect that Tesla will share with a home model model 3 and model Y."

"We believe that the 2019 wallet on the Model 3 demand can largely continue to a reasonably local-produced Model 3 available in that market," Jonas said. "At this stage, we do not foresee significant model 3 deliveries in China before the first quarter of 2020."

But it is completely dependent on whether Tesla can get its production up in Shanghai.

"We continue to have concerns about the long-term viability of a US player in the Chinese EV market," Jonas said. "While giving Tesla credit to tap into the world's largest EV market for several years, we would not pay a particularly high number of revenue from that region, as we strongly suspect a number of national masters are emerging."

Although Tesla succeeds in China, Morgan Stanley marked trade tensions with the US as a risk if "Tesla's dependence on China is increasing," Jonas added.


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