Shares in Tesla Inc (NASDAQ:TSLA) were slightly off the pace in pre-market, as KeyBanc slashed its forecast of Model 3 deliveries for this year.
“Based on our conversations last week with salespeople at 18 Tesla stores around the United States, we believe Model 3 deliveries are tracking to roughly 5,000 in the quarter, below our previous estimate of 15,000,” said analyst Brad Erickson in a research note to clients.
Erickson forecast 2018 revenues for Tesla of US$16.21bn, well below the consensus forecast of US$20bn.
Yesterday, Tesla's founder and boss, Elon Musk, pledged that a Tesla pick-up truck would be next off the production line after the model Y.
Wanted again to send a note of deep gratitude to Tesla owners WW for taking a chance on a new company that all experts said would fail.
So much blood, sweat & tears from the Tesla team went into creating cars that you’d truly love. I hope you do.
How can we improve further?
— Elon Musk (@elonmusk) December 26, 2017
Tesla shares were down 0.2% at US$316.53 in pre-market trading.
Discount store Dollar General Corp (NYSE:DG) was up 0.4% at US$92.85 after it revealed it was planning to open a distribution center in Longview, Texas, creating around 400 jobs in the process.
UK bank Barclays PLC (NYSE:BCS) and oil super-major Royal Dutch Shell PLC (NYSE:RDS.B) expect to take a one-off hit from the recently announced reforms to the US tax, although both agree the changes will be “favorable” in the long run.
The corporate tax overhaul was unveiled by President Donald Trump last week, and will see the rate slashed from 35% to 21% as he looks to attract more investment in the US from the world’s biggest firms; however, the changes also require companies to recalculate deferred tax assets that have accumulated on their balance sheets.
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