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• Tesla surprises positively with sales figures and Q2 balance sheet
• Tesla replaces Toyota as the most valuable automaker
• Tesla still overrated?
Tesla fans are thrilled: First, Tesla overtook one major automaker after another in terms of market capitalization. This was followed by surprisingly strong sales figures in the second quarter. But that’s not all, almost two weeks ago Tesla beat all expectations when it presented its balance sheet for the second quarter and was in the black for the fourth quarter in a row.
But critics warn that the hype about Tesla could be exaggerated and the stock overvalued. After all, despite positive news in the recent past, Tesla is still a long way off the sales of the major traditional automakers. And in comparison with tech giants like Amazon and Apple, Bloomberg recently discovered a key figure that suggests that Tesla is not yet on a par with large corporations like these.
Focus on sales and sales growth
In July of this year, Tesla broke the $ 250 billion mark in market capitalization for the first time. Apple hit the quarter billion mark ten years ago, in September 2010. Amazon cracked the $ 250 billion mark five years later, in July 2015.
Bloomberg now examined the sales figures and sales growth of the three companies at the time this threshold was exceeded and presented this in a graph. For Apple, the fiscal quarter ended in September 2010, Amazon the second quarter 2015 and Tesla the three Months up to the end of June 2020 are used and the year-over-year sales growth is compared. While Apple’s sales growth was 67 percent year-on-year, Amazon was able to increase its sales by 20 percent five years later. Tesla, on the other hand, had to cope with a decline in sales of five percent in Q2 2020 compared to the same period of the previous year.
Of course, it should not be overlooked that the Corona crisis created special conditions and a difficult market environment this year, and that Tesla reported quite a small percentage of sales losses compared to some other car manufacturers.
In addition to the growth in sales, Bloomberg also took a close look at the sales of Amazon, Apple and Tesla from the past twelve months, up to the point in time when the $ 250 billion mark in market capitalization was reached for the first time. It should be noted that not only Tesla’s sales growth was well below that of the two tech giants when the threshold was reached, but also that Tesla’s absolute sales figures are far behind those of Apple and Amazon.
Tesla was able to write black numbers for the fourth quarter in a row and thus invalidate critical voices that the company could not be profitable. Still, the question remains whether Tesla stock is not overvalued.
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