EV/Lithium, page-710

$TSLA TESLA ADDED TO 'TACTICAL IDEAS LIST' AS UNDERWEIGHT AT WELLS FARGO

The firm has an Underweight rating on the shares with a $120 price target. It sees declining delivery growth for Tesla, driven by lower demand and "diminished return" on price cuts.

Wells estimates the company's auto gross margin excluding credits will fall by 210 basis points year-over-year in Q2 given the likelihood of more price cuts and lower volumes.

It remains concerned with recent moderating trends across all three of Tesla's key regions: U.S., European Union and China.

Few levers remain for Tesla to increase volumes outside of pricing and model refreshes, as the company has resorted to financing promotions with seemingly little effect, contends Wells.

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