US electric carmaker Tesla Motors sold a little over 3,000 cars in China, the world’s biggest auto market, in the first nine months of this year, it said Friday.
The company has struggled in the Chinese market despite early positive media coverage, building up an inventory of unsold cars and laying off staff.
The firm’s founder Elon Musk told the media earlier this year: “China is the only place on Earth that we have excess inventory”.
It has lowered its global sales target for 2015 to between 50,000 and 55,000.
It has not given a specific goal for China, but called the 3,025 sales in the country “very good progress” in a statement sent to AFP.
Chinese media reports in March said that it sold almost 2,500 vehicles last year, but had an inventory of more than 2,000.
China’s electric car market remains small for now. Nationwide sales of non-hybrid electric vehicles almost tripled to 87,531 in the first nine months, according to the China Association of Automobile Manufacturers.
But that represented only about half of one percent of the total auto market.
Trading
TESLA MOTORS closed up 0.165 at 211.885. Volume was 79% below average (consolidating) and Bollinger Bands were 39% wider than normal.
Open High Low Close Volume___
215.000 215.350 211.070 211.885 894,745
Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 217.49 240.63 231.86
Volatility: 50 53 46
Volume: 4,460,233 4,589,937 4,539,556
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
Summary
TESLA MOTORS is currently 8.6% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect moderate flows of volume out of TSLA.O (mildly bearish). Our trend forecasting oscillators are currently bearish on TSLA.O and have had this outlook for the last 13 periods
Tesla Motors, Inc., incorporated on July 1, 2003, designs, develops, manufactures and sells electric vehicles, electric vehicle powertrain components and stationary energy storage systems. The Company also designs, develops, manufactures and sells electric vehicle powertrain components to other automotive manufacturers. The Company uses energy management technologies and manufacturing processes developed for its vehicle powertrain systems and develops stationary energy storage products for use in homes, commercial sites and utilities. It designs its battery packs. The Company’s technology includes cooling systems, safety systems, charge balancing systems, battery engineering for vibration and environmental durability, robotic manufacturing processes, customized motor design and the software and electronics management systems necessary to manage battery and vehicle performance. Its products include Model S and The Tesla Roadster.
In addition to the design, development and production of the powertrain, it has created in-house capabilities in the design and engineering of electric vehicles and electric vehicle components and systems. It designs and engineers bodies, chassis, interiors, heating and cooling and low voltage electrical systems in-house. The Company offers loans and leases in North America, Europe and Asia primarily through various financial institutions. It also offers leases directly through its captive finance company in 37 states, the District of Columbia and in four provinces of Canada. Certain of its loan programs provide customers with a resale value guarantee. In certain markets, it also offers buy back guarantees to financial institutions. The Company conducts its powertrain and vehicle manufacturing and assembly operations at its facilities in Fremont, California; Lathrop, California; and Tilburg, Netherlands. It provides service for its electric vehicles at its service centers. It owns and operates 95 service locations as of December 31, 2014.
Model S
The Company’s Model S is an electric, four-door, five-adult passenger sedan. The Company offers 60 kilowatt-hour and 85 kilowatt-hour battery pack versions of Model S in the United States. Its autopilot system includes collision warning systems, automatic braking and traffic aware cruise control. It also offers wireless connectivity, such as third generation (3G) connectivity and driver customization of the infotainment and climate control systems of the vehicle. Model S vehicles can also charge natively or through adapters.
The Tesla Roadster
The Company’s Tesla Roadster is an electric sports car. It caters to customers in over 30 countries in North America and Europe.
The Company competes with Audi, BMW, Lexus, Mercedes, Daimler, Nissan, Fiat, Mitsubishi, Porsche, Volkswagen, Volvo, General Motors, Toyota, Ford and Honda.
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