The Chevy Bolt Emerges As A True Tesla Inc (TSLA) Competitor

Tesla Inc (NASDAQ:TSLA) continues to have major production issues with its first mass market vehicle, the Model 3 sedan, and those delays just might allow a key competitor to steal more EV market share away in 2018.

As The Detroit News reports, the Chevy Bolt appears to be a hit for GM, although it still faces some delays of its own:

August’s nationwide roll-out of the Chevrolet Bolt EV finally delivered Tesla CEO Elon Musk a true competitor, and the numbers show it.
The all-electric Bolt is the first affordable, long-range electric car to reach the mass market. The Michigan-made car posted 23,297 sales in 2017, falling shy of the company’s goal of 30,000 deliveries for the year. It closed 2017 with 3,227 deliveries in December.
In total, GM said it sold 43,893 electric vehicles in 2017.

While Tesla doesn’t report monthly sales, it did say it sold made 28,870 deliveries in the fourth quarter. That total included 15,200 Model S sedans, 13,120 Model X crossovers, and just 1,550 Model 3 sedans — well below the consensus delivery estimate.

Tesla also pushed back its 5,000 per month production goal for the Model 3 all the way to June. Its original goal was to be at that level by the end of December.

Tesla Inc shares were unchanged in premarket trading Friday. Year-to-date, TSLA has gained 1.05%, versus a 1.78% rise in the benchmark S&P 500 index during the same period.

TSLA currently has a StockNews.com POWR Rating of C (Neutral), and is ranked #21 of 24 stocks in the Auto & Vehicle Manufacturers category.

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