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Moody’s has assigned a Baa3 long-term issuer rating to Tesla (up from Ba1), believing Elon Musk’s company will establish itself as a leading manufacturer of battery electric vehicles as the company further consolidates its global presence.
The agency expects Tesla to deliver nearly 1.8 million vehicles in 2023, up 34 percent from the 1.3 million vehicles delivered in 2022 and nearly double the number of deliveries in 2021.
Falling vehicle prices should lead to a lower EBITA margin to 15.8% in 2023 (still an industry leader), while financial policy should remain prudent with leverage well below 1x, after Tesla has repaid about $10 billion in debt over the past three years.