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Gordon Johnson: Tesla's April Sales In China “Implode”, Fall 98% Sequentially, Despite Musk's Comments To The Contrary

In Gordon Johnson’s latest note to clients, he reminds them that on Tesla’s April 21, 2022 conference call, Elon Musk said that Q2 production at Shanghai would be “roughly on par” with 1Q22, and “possible” to “be slightly higher”. 

“Given TSLA has said it’s capacity constrained and sold out, this was also implicit sales guidance,” Johnson wrote. 

In his note, Johnson takes exception with the media, who in his opinion seem to be making excuses for Tesla’s -98% sequential decline in April sales from China (versus a -41% decline in the overall BEV market for China).

However, the notion that these numbers were somehow “expected” stands at stark odds with what Elon Musk himself was saying leading into the end of April, Johnson says. 

Johnson also claims that another shut down means that Elon Musk’s guidance for the quarter is

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