Tesla Inc (NASDAQ:TSLA) would likely announce another record quarter despite industrywide supply-chain woes as the high gas prices pushed more buyers toward plug-in models, Bloomberg reports.
According to Bloomberg, the EV maker likely delivered 309,158 vehicles globally during the first three months of the year compared to 308,000 vehicles in Q4. However, Tesla suspended production at its Shanghai plant amid uncertainty over the city's pandemic lockdown.
Analyst Dan Levy of Credit Suisse saw the delivery tally at 307,000 due to the China lockdown. Tesla began delivering the first Model Ys from its new plant near Berlin and will celebrate a new factory in Austin next week, which could boost Tesla's stock.
Tesla's deft navigation of the supply-chain crisis, stock split plans, and plant openings have helped shore investor sentiment.
Morgan Stanley analyst Adam Jonas emphasized the U.S.'s potential to invoke the Defense Production Act to encourage domestic production of critical materials for EVs.
Jonas acknowledged Tesla emerging as a "renewable energy on-shore infrastructure company" whose role in constructing the upstream EV supply chain and downstream EV infrastructure will "become increasingly evident to the investment community over the next few weeks/months."
Jonas considers Tesla "may be substantially undervalued in other ways that deserve exploration." The global battery supply chain is "arguably less secure than the global oil and gas supply chain," added Jonas.
Tesla "combines pricing power, supply chain visibility, capital access, and a business model focused on improving energy efficiency," said Jonas. He maintained an Overweight rating and $1,300 price target (20.6% upside) on Tesla.
Price Action: TSLA shares traded higher by 0.53% at $1,083 on the last check Friday.
