Friday, May 24, 2024

This Blog Will Show You About The New Advanced Innovation In Thailand

Thailand, the special night location for the...

Who Called Me 02045996873?

Presentation: In a world loaded up with computerized...

WhatsApp Number 0131 561 4532: Unmasking the Mystery

The conundrum of WhatsApp number 0131 561...

Tesla stock falls on slim margins, Cybertruck concerns

TechnologyTesla stock falls on slim margins, Cybertruck concerns

[ad_1]

Tesla CEO Elon Musk and design leader Franz von Holzhausen show their latest Cybertruck design at a factory grand opening in Austin, Texas.

Source: Tesla

Shares of electric automaker Tesla fell by more than 7% on Thursday, after investors soured on initially positive results due to imprecise commentary from CEO Elon Musk and other executives on the company’s latest vehicle, Cybertruck, and a planned robotaxi-ready car.

If it holds, it’ll be the worst day for Tesla stock in three months.

related investing news

Analysts take Tesla results in stride, but margin concerns remain

CNBC Pro

Musk also cautioned that while the company would “continue to target 1.8 million vehicle deliveries this year,” Tesla also expected that “Q3 production will be a little bit down because we’ve got summer shutdowns” for what the CEO described as “a lot of factory upgrades.

Analysts also highlighted concerns with Tesla’s margin “headwinds,” which at 9.6% was the lowest result for at least the last five quarters.

“We believe there could continue to be margin headwinds in the intermediate term if Tesla lowers prices to support higher volumes,” Goldman Sachs’ Mark Delaney said in a Wednesday note

Tesla stock has recovered slightly off of its overnight lows but remains depressed compared to Wednesday’s closing price of $291.26. Tesla beat on the top and bottom lines, reporting revenue of $24.93 billion and earnings of 91 cents per share, adjusted, for the quarter ending June 30, 2023.

Early this month, Tesla reported 466,140 total vehicle deliveries for the second quarter, the closest approximation of sales that Tesla reports. But Musk didn’t offer precise delivery volumes for the new Cybertruck, only saying on the company’s earning call that the Cybertruck would be produced in “in high volume next year,” with an unknown quantity being delivered in 2023.

See also  Amazon adds a new fee for sellers who ship their own packages

Cybertruck “factory tooling” is on track but the company is only producing “release candidate” builds, the company said in its earnings presentation.

— CNBC’s Lora Kolodny and Michael Bloom contributed to this report.

[ad_2]

Source link

Check out our other content

Check out other tags:

Most Popular Articles