) shares are skidding lower after the Q3 earnings report and may fall further. Near-term headwinds, including an intensifying price war, cut into results and the outlook for profits but did little to undermine the longer-term story. Tesla is still in its early phases, ramping up production and building its network.
Details from the conference call are also favorable to the stock price trajectory. Mr. Musk reiterated the company’s goal of 50% CAGR and said efforts are underway to ramp production to that level. Among the efforts to reach the goal are plans for a new gigafactory in Mexico. The plans were first unveiled in February 2023 and have since advanced.
While adjusted earnings were nearly 1000 basis points below the consensus estimate for the quarter, they are sufficient to keep the company on track to reach the analysts' consensus for the year. Analysts expect $3.07 for 2023, leaving $0.65 to be earned in Q4, historically the company’s strongest earnings quarter.The Cyber Truck is 1 of Tesla’s long-shots and has been in the works for years. The Q3 report includes timeline updates, including production starting this year.
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