Gary Black, the Managing Partner at the Future Fund LLC, continues to have a bullish stance on popular electric vehicle (EV) maker Tesla (TSLA).
While the rest of the street was expecting Tesla to report lackluster deliveries, Gary has consistently expressed optimistic views on Tesla via tweets regarding his expectations of deliveries in June.
Ahead of the delivery’s announcement on July 1, Gary tweeted, “TSLA reportedly pulled out all stops to deliver cars last week: – Asking Europe customers to go to ports to pick up cars as they came off boats- No cars to test drive – all sold to customers.”
Following the 2Q deliveries announcement by TSLA, Gary tweeted, “$TSLA Just Had Its Best Production Month Ever. June Bounced Back From Covid Lows.”
Q2 Deliveries
On July 2, Tesla disclosed that it had produced more than 258,580 vehicles and delivered 254,695 vehicles.
Notably, despite the ongoing supply chain challenges and factory shutdowns, June marked the highest vehicle production month in Tesla’s history.
However, the reported deliveries failed to meet the Bloomberg consensus of 261,181, and the FactSet-owned Street estimate of 256,520 vehicles. Gary, however, highlighted that a number of analyst estimates may not have accounted for the factory shutdowns in China.
Further, deliveries in June were 17.7% lower than the deliveries of 310,048 reported in the prior quarter. However, on a year-over-year basis, deliveries grew 27%.
As anticipated, Tesla’s production suffered due to limited production at its Gigafactory in Shanghai due to the COVID-19 lockdown situation in China.
Meanwhile, shares of Tesla have lost over 40% of their market capitalization over the past six months, trading near half of its 52-week highs of $1,243.49.
Both Gary and the company believe that deliveries are expected to rebound significantly in the coming quarters. The world will know more when Tesla reports its Q2 earnings later this month on July 25.
