Shares of electric car maker Tesla fell more than 7% on Thursday after investors diluted the company’s initial positive quarterly results due to ambiguous comments from CEO Elon Musk and other executives about the company’s latest vehicle, the Cybertruck, as well as for its planned robotaxi model. .
If the downtrend continues at these levels, it will be the worst day for Tesla stock in three months.
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Musk also warned that while the company will “continue to target 1.8 million vehicles this year,” Tesla also expects “production in the third quarter to drop a little bit because there will be some downtime in the summer” of what the CEO described as “a lot of upgrades.” Factories.
Analysts also highlighted concerns about Tesla’s profit margin, which, at 9.6 percent, was the lowest in at least five quarters.
“We think the headwinds could persist over the medium term if Tesla lowers prices to support higher volumes,” Goldman Sachs’ Mark Delaney said in a note on Wednesday.
On Wednesday, Tesla stock closed at $291.26. The company beat market estimates for earnings and revenue, with revenue of $24.93 billion and adjusted earnings of 91 cents per share for the quarter ended June 30, 2023.
In early July, Tesla announced a total of 466,140 vehicle deliveries for the second quarter, the closest rough estimate of sales Tesla has ever announced. However, Musk didn’t provide exact delivery sizes for the new Cybertruck, saying only during the company’s conference call that the Cybertruck will be mass-produced next year, with an undisclosed quantity delivered in 2023.
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