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Tesla Faces a High Hurdle (Update 1)

The company recently announced an expanded agreement with Panasonic (PC) to supply more lithium-ion battery cells for the Model S, as demand continues to be soar. Irwin noted that "sales into Europe appear to be gaining significant traction," and he's looking for clues and details on the eventual ramp of sales in Asia.

Last quarter, Tesla delivered 5,150 units of the Model S, helping it generate $405 million in sales. Analysts surveyed by Thomson Reuters are expecting Tesla to report earnings of 11 cents a share on $534.64 million in revenue for this quarter.

In addition to the popularity of the Model S, and gross margins, investors will be looking for any hints and clues about the Model X, Tesla's upcoming sports utility vehicle that is set to debut in late 2014. A number of those battery cells from the Panasonic deal will also go towards the Model X, as well as the Model S.

With so much attention focused on Tesla in recent months, both for the Model S and Elon Musk, the company has set the bar exceptionally high for itself. If there is any change in perception or fundamentals, Tesla investors may step on the brakes for the time being.

-- Written by Chris Ciaccia in New York

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