TECH - Even Tesla Needs To Tone Down Its EV Ambitions | Benzinga
While the unprecedented UAW strike goes on against Ford Motor (NYSE: F), General Motors (NYSE: GM) and Stellantis (NYSE: STLA), even Tesla Inc (NASDAQ: TSLA) gave off a rare pessimistic tone as it reported its latest quarterly performance. Tesla CEO Elon Musk emphasized the EV king’s focus on making cars more affordable amid a challenging outlook of the global economy. Although Tesla shares rose 2.4% after hours upon the report’s release on Wednesday after market close, they sank more than 4% upon Musk’s cautionary remarks as he also revealed that the eagerly anticipated Cybertruck won’t be bringing in a significantly positive cashflow during the first 12 to 18 months once its production kicks off.
Tesla’s Third Quarter Results Fell Short Of Wall Street Estimates
For the quarter that ended in September, revenue rose 9%, which is Tesla’s slowest pace of growth in more than three years, to $23.35 billion, but still came in short of LSEG’s estimate of $24.1 billion. However, average revenue per unit declined by nearly 11% YoY. Adjusted earnings amounted to 66 cents per share while LSEG’s analysts estimated 73 cents per share.
But Tesla’s gross ...