Ahead of Tesla's Model Y unveiling on Thursday, the biggest Tesla bear on Wall Street says the electric automaker is mired in 'demand hell.'
unveiling on Thursday evening, the company finds itself in a different kind of hell, in the eyes of the biggest Tesla bear on Wall Street.
"Tesla has a demand problem," Gordon Johnson, an analyst at New York-based Vertical Group, told Markets Insider on Wednesday."The demand problem is the Model 3 is not a mass market car. It's a luxury car." He added:"Elon Musk has talked about production hell, delivery hell. I think what they're in now is demand hell.", which reflects what Johnson calls a"demand collapse." Tesla sold 17,750 Model 3s in the US in October, 18,650 in November, and 25,250 in December — a steady rise through the end of last year. But in January, the automaker sold just 6,500 Model 3s in the US, and then 5,750 in February.
"The demand is disappointing in a big way," he said."We think they're going to lose close to $500 to $600 million this quarter due to weak demand and price cuts. We think the reason why you're seeing all this erratic activity is because we think that they're literally throwing things against a wall and hoping that they stick."
Rising competition from the likes of Jaguar, Audi, and Nio's electric-vehicle offerings, falling demand, and a slowing product pipeline beyond the Model Y all fuel Johnson's bear Tesla thesis. Jaguar's I-Pace and
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