Tesla’s introduction to the Model Y underwhelms, and stock promptly falls
Tesla Inc.’s newly revealed Model Y has failed to excite Wall Street, with some investors saying the unveiling of the crossover vehicle played out like an infomercial that sought to mask weaker Model 3 demand and a cash grab.
Model Y orders could be “muted,” said Joseph Spak at RBC Capital Markets. “The vehicle isn’t available for nearly two years and consumers may realize that putting down money early for the Model 3 didn’t yield many benefits,” he said. Analysts at Roth Capital Partners, led by Craig Irwin, had their own answer to that question: “The Model Y launch event was likely pulled forward to distract from weak demand for the Model 3,” they said.“Tesla must now deliver unit growth for the stock to work, in our view,” the Roth analysts said.
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