EV - Why Did Tesla Stock Drop Today?
Tesla stock ( NASDAQ:TSLA ) fell 6.7% on Thursday after the electric vehicle (EV) maker’s sales and delivery outlook disappointed investors.
What Happened to Tesla Stock?
In the third quarter, Tesla’s revenue increased 56% yearly to $21.5 billion. This fell short of Wall Street’s sales prediction of $22 billion.
The company’s car deliveries increased by 42% to 343,830, up from 241,391 the previous year. However, this, too, fell short of experts’ expectations of 371,000 automobiles delivered.
Nonetheless, price increases helped to offset growing manufacturing costs. Tesla’s operating income increased 84% to $3.7 billion, while its operating margin increased to 17.2% from 14.6% the previous year.
Tesla’s adjusted stock ( NASDAQ:TSLA ) profits grew 69% to $1.05, above the $0.99 consensus forecast.
So, what now?
During the company’s earnings call, CEO Elon Musk said that even if the economy were to enter a recession, T esla would maintain its EV manufacturing cadence. “We’re pushing hard come rain or sun,” Musk remarked. “So, recession or no recession, we are not lowering our output in any major manner.”
Musk also predicted strong sales in the fourth quarter and beyond. “I can’t say it enough: we have fantastic demand for Q4, and we anticipate selling every vehicle we...
Click here to read the full article on PressReach.com .Subscribe to the PressReach RSS feeds:
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube