Tesla Semi enters volume production as BNP Paribas cuts target to $268
Tesla's Semi began high-volume production at its new Sparks, Nevada factory (50,000 trucks/year capacity) the same day BNP Paribas cut its price target to $268 from $280 (Underperform), sending the stock down 1.5% -- while UBS reiterated a $385 target and Neutral rating, underscoring how split Wall Street remains on Tesla.
Tesla's Semi truck moved into high-volume production this week at the company's new dedicated factory in Sparks, Nevada -- a launch Electrek describes as 7 years behind the original schedule set when the truck was unveiled in 2017. The plant is designed to build up to 50,000 Semis a year. It follows the record 2,500-unit order announced September 22 and the first customer handovers to PepsiCo, DHL and others on September 24, marking Semi's shift from pilot builds to a genuine commercial ramp.
The same day, however, BNP Paribas Exane cut its Tesla price target to $268 from $280 and kept its Underperform rating, arguing the Semi ramp isn't enough to offset broader margin and growth concerns.
UBS took the opposite stance, reiterating a Neutral rating and $385 target while forecasting third-quarter deliveries of roughly 470,000 -- down 5% year-over-year and 1% quarter-over-quarter -- alongside energy storage deployments of 16.9 gigawatt-hours, up 35% year-over-year and 25% quarter-over-quarter.
Caught between the diverging calls, Tesla shares closed down 1.5% on Friday -- a sign that delivery-growth concerns are weighing more on sentiment than the Semi milestone. Shareholders should treat next week's Q3 delivery report as the next checkpoint.
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