Tesla demand in Europe steady so far despite fears, says Wedbush
Wedbush analyst Daniel Ives believes that heading into the next few months, the laser focus of investors around the Tesla story will be gauging Model 3 demand in Europe as thus far in Q3 he is seeing steady demand in the region, which should help neutralize some weakness seen out of China. The analyst continues to believe, based on his field work, that one of the epicenters of demand is in Norway for Model 3 with overall EV sales growing in the country by 40%-plus and a strong ramp expected over the next few quarters with Tesla leading the charge. But while Ives acknowledges that Europe demand thus far is a positive development for Tesla, he believes it does not change the broader demand and profitability worries he continues to have on the story. The analyst reiterates a Neutral rating and a $220 price target on the shares.