Tesla Motors — американская автомобильная компания-стартап из Кремниевой долины, focused on the production of electric vehicles. Named after the world famous electrical engineer and physicist Nikola Tesla.
Среди инвесторов компании — основатели Google Ларри Пейдж и Сергей Брин, PayPal co-founder Elon Musk and Jeffrey Skoll, founder and president of eBay.
In recent months, the shares of the electric vehicle manufacturer Tesla Motors are among the main “stars” in the American market.. For 100 days they have risen in price three times to $114, bringing investors huge profits and bringing the company's capitalization to the level $12 billion is, for comparison, a fifth of the cost of the Ford Motor Company. Despite the drop in quotations on 5,7% on Wednesday, their previous growth is impressive: the company's price has almost doubled since the beginning of May.
Tesla's success in selling cars and doing business was the reason for the rise in the share price (later we will see, that these are several different things): sold in the first quarter 4900 electric cars, and the company made a profit for the first time in history, which amounted to $11,2 million. Besides, Tesla promised to return the loan to the government ahead of schedule for $451,8 million, полученный в 2010 year for the construction of the plant and the development of a new model, and also attracted approximately $ 1 billion in fresh investment.
It would seem that, the dream of the sane part of the “green” (that is those, кто хочет, so that environmentally friendly technologies pay off) is finally starting to come true. but, everything is far from easy and good. Upon closer examination, the company's statements turn out to be "inflated", losses will return soon, and for the success of billionaire Elon Musk (owning a quarter of shares) and his friends from Goldman Sachs are largely paid by the American budget and direct competitors. Tesla's case is indicative of today's “advanced” economy and could be a good lesson for lay investors., those who want to earn income on fashionable economic trends.
Машины Tesla Is not just a means of transportation, this is something like an object from the exhibition of the achievements of the US national economy under the control of the Democratic Party. Something high tech, модное, green and successful. Respectively, one cannot do without state support in such an important matter. Every Tesla customer (and these are not poor people - cars are worth order $80-100 thousand) получает от правительства gift in size $7500 налогового вычета. Besides, some states provide subsidies to such buyers in the amount of $2500 in california before $4000 in illinois. Naturally, this has a positive effect on sales volumes, that is, it affects not only buyers, but also on the company itself. And these deductions and subsidies cost taxpayers about a quarter of a billion dollars a year..
However, it's nice, but still little things. The right to sell emission "credits" became a much more significant part of income directly for Tesla., invented by the Californian authorities. The circuit works like this: if the automaker does not supply a certain number of "environmentally friendly" cars to the state, then for each sold "dirty" he is charged a certain fine. Each company receives a number of emission "loans" from the state, within which the fine does not have to be paid. But exceeding this level leads to the need to pay real money. Tesla doesn't make dirty cars, therefore does not spend "credit", which means, can sell it to those companies, who is out of bounds. In the first quarter alone, the revenue from these payments amounted to $68 million. If this money was not there, Tesla would have made no profit during this period, and the loss in $57 million. Recall, this is not a mechanical engineering giant, and, in fact, about the workshop, производящей 50-60 cars per day.
In addition to income from the sale of issue-grade loans, according to reporting data, Tesla still gets a lot of money from one-off, random and other sources. If we exclude this money from the proceeds, leaving only income from operating activities, then it will turn out, that the first quarter brought the “successful” company losses on $91 million or about $18,5 thousand. for each sold car with an average price of about $80 thousand.
It can be assumed, that investor optimism is based on the understanding that, that the "spin-off" income of the company will remain high for a long time. but, even according to Elon Musk himself - the main owner and leader of Tesla, share premium will fall to zero in the fourth quarter of this year, and the volume of production will remain the same. That is almost certainly 2013 the year will be another unprofitable year for the manufacturer of fashionable electric cars.
Investors don't like, when paper profits turn into real losses, therefore expect Tesla's share price to rise to $200 (such assessments are found in the press) it would be somewhat strange. Perhaps, Morgan Stanley gives the most optimistic estimate of the fair value of Tesla shares today - $109 per share, fans of the company love to bring it. But it's worth noticing, that MS himself defines this assessment as “optimistic”, and the “pessimistic” price tag puts at the level $20 per share. Other investment banks are evaluating Tesla shares at $50-90.
