Tesla Stock ( NASDAQ:TSLA )
The CEO of Tesla ( NASDAQ:TSLA ) tried on October 19 to reassure the electric vehicle maker’s shareholders after a completely disastrous first half of October for Tesla stock.
Tesla stock has lost 16.3% since September 30, which translates into a decline in the market value of approximately $135 billion.
Tesla stock decline is likely to continue, given the group’s mixed results in the third quarter and cautious forecast for the whole of 2022.
“As we look ahead, our plans show that we’re on track for 50% annual growth in production this year. Although we are tracking supply chain risks, which are beyond our control,” Chief Financial Officer Zach Kirkhorn told analysts during the earnings call. “On the delivery side, we do expect to be just under 50% growth due to an increase in the cars in transit at the end of the year .”
He added: “This means that again, you should expect a gap between production and deliveries in Q4. And those cars in transit will be delivered shortly to their customers upon arrival to their destination and Q1 [of 2023].”
Tesla should therefore produce nearly 1.4 million vehicles in 2022 and deliver over 1.4 million units. It would be a record in both cases, but the firm had hoped to deliver 1.5 million vehicles in 2022.
‘Meaningful Buyback’
Tesla posted a third-quarter net profit of $3.3 billion on revenue of $21.45 billion, the company said on October 19. Despite a 56% increase, revenues came below the $21.96 billion anticipated by analysts.
Faced with this avalanche of not-very-reassuring news, Musk pulled out the bazooka. Indeed, the whimsical CEO indic...
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