Tesla Inc. stock rallied 12% late Wednesday after the Silicon Valley car maker reported quarterly earnings that topped Wall Street views and set a goal to “comfortably” sell more than 500,000 vehicles this year.
Tesla Chief Financial Officer Zach Kirkhorn said during the call that Tesla is expecting “a one- to one-and-a-half-week delay in the ramp of Shanghai-built Model 3 due to a government-required factory shutdown” related to the virus. Others were not that convinced. Despite the after-hours rally, “we continue to see risks related to the China factory ramp-up, as well as rising EV competition from auto makers still eligible for the full federal tax credit in the U.S.,” said Garrett Nelson, an analyst with CFRA.
Tesla said it expects positive quarterly cash flow going forward, “with possible temporary exceptions.” Tesla delivered 367,500 vehicles in 2019, up 50% from a year ago, and in line with its guidance range of 360,000 to 400,000 vehicles. The 2020 delivery guidance represents a 36% increase over the 2019 deliveries.
In the analyst call, Musk said the company is likely to showcase its latest battery technologies and partnerships on a “battery day,” probably in April.
Literally at the time of this tweet it's up over 11 percent. Did you not even check?
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »
Source: BusinessInsider - 🏆 729. / 51 Read more »