Tesla, which enjoyed scorching growth for most of 2022 and 2023, has experienced setbacks that analysts say have raised the stakes for the first-quarter report. ― Reuters picNEW YORK, April 23 ― Tesla CEO Elon Musk faces heightened pressure with today's earnings report to reassure investors that recent stumbles are simply unexpected speed bumps ― and not indications of a road to decline.
On the positive side, Musk has said the company will this summer unveil a “Robotaxi.” Yet analysts have noted that safety questions are clouding the timeframe for the vehicle. Wall Street has grown accustomed to Musk's mercurial style and loose deadlines on targets for autonomous driving and other breakthroughs, cheering as Tesla turned in a string of strong results based on ever-rising revenues.Recent notes from JPMorgan Chase analysts dismissed Tesla's explanations for its disappointing deliveries, which had blamed factors such as shipping diversions amid conflict in the Red Sea and a suspected arson attack at its German factory.
Deutsche Bank analysts last week downgraded Tesla to a “hold,” pointing to disappointments about the rumoured Model 2 delay that weren't offset by the Robotaxi push.
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