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<\/p>\nNov 21, 2023<\/p>\n
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The\u00a0Tesla Cybertruck<\/a>, which is arguably one of the most hyped-up vehicles in recent history, won\u2019t do too much good for the\u00a0Elon Musk<\/a>-led EV manufacturer, at least in the short term, and canceling it would actually be good for the company\u2019s shares.<\/p>\n That\u2019s what Jefferies analyst Phillipe Houchois said after cutting the price target to $210 per share on\u00a0Tesla<\/a>\u00a0stock citing reduced earnings and free cash flow estimates.<\/p>\n It\u2019s a bold statement, seeing how the Cybertruck is about a week away from finally being delivered, and the internet hasn\u2019t been too kind to the financial analyst, as you can see for yourself in the comments to the X post embedded below, posted by Sawyer Merritt.<\/p>\n Jefferies: “Tesla cancelling the Cybertruck would probably be positive for shares; With 2024 already a lost year for growth, it would help Tesla refocus on an edge that was built on simplicity, scale and speed.”<\/p>\n \ud83d\ude02\ud83e\udd21\u00a0pic.twitter.com\/E3cpz8miqD<\/a><\/p>\n \u2014 Sawyer Merritt (@SawyerMerritt)\u00a0November 20, 2023<\/a><\/p><\/blockquote>\n<\/section>\n But while the statement about canceling Tesla\u2019s first-ever electric pickup is a stretch, to say the least, the financial analyst\u2019s other remarks aren\u2019t so far-fetched. \u201cTesla looks stuck in a slow lane for another 12-18 months, unable to capitalize on peer delays while European legacy OEMs launch $\/\u20ac25,000 EVs next year and Chinese carmakers set a new pace of shorter product cycles,\u201d Houchouis\u00a0wrote in a note<\/a>.<\/p>\n This goes hand in hand with\u00a0what Musk said during the third-quarter earnings call<\/a>\u00a0last month. “I just want to temper expectations for Cybertruck,” Tesla\u2019s CEO said. “It’s a great product, but financially, it will take a year to 18 months before it is a significant, positive cash flow contributor. I wish there was some way to be different but that’s just my best guess.”<\/p>\n Houchois added that instead of spending significant resources on the Cybertruck production ramp, the company should instead focus on \u201chigh volume global segments and supply of 4680 for\u00a0Model Y<\/a>.\u201d<\/p>\n\n