Elon Musk FINALLY CONFIRMS Tesla Cybertruck Release Date!
Elon Musk FINALLY CONFIRMS Tesla Cybertruck Release Date!
After the bell on Wednesday, Tesla released its third-quarter numbers. After the report crossed, the company’s shares increased by as much as 2.4% in extended trading, however they later declined by more than 4% after CEO Elon Musk warned that the Cybertruck would not produce a significant amount of positive cashflow for 12 to 18 months after production begins and emphasized that the company is focused on making its cars affordable in an environment with high interest rates. Well, that is definitely some bad news. On the other hand, Elon Musk also confirms the release date of Cybertruck. And so, when is it finally available in the market and its official specifications? Let’s find out in todays episode, so stay tuned!
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Tesla underperformed on profits, and the electric car maker’s CEO Elon Musk’s worries about the state of the world economy, the future of its Mexico Gigafactory, and the difficult ramp-up of the Cybertruck weighed on shares. Tesla stock dropped 9.3% to its lowest level in almost two months.
Despite missing analysts’ expectations of $24.06 billion for the third quarter, Tesla posted top-line sales of $23.4 billion, up 13% from the same period last year. When it comes to profitability, Tesla posted adjusted earnings per share (EPS) of $0.66 versus $0.74 anticipated and adjusted net income of $2.3 billion versus $2.56 billion anticipated.
Since Tesla started its cost-cutting initiatives late last year, margins are likely to be under pressure to decline, which could explain the decline in profitability. Tesla’s reported Q3 gross margin was 17.9%, little under the 18.0% predicted by Wall Street. Tesla disclosed a gross margin of 18.2% for the most recent quarter.
“The quarter itself delivered auto [gross margin] (ex credits) of 16.3% vs. the Street at 17.6% with margins that should stabilize over the coming quarters however Tesla is not committing to the end of price cuts and that is a big problem and overhang for the stock in the near-term,” Dan Ives, an analyst with Wedbush, wrote in early on Thursday. Following the release of Q3 earnings, Wedbush reduced its Tesla price estimate from $350 to $310.
In a statement on future products, Tesla confirmed that Cybertruck deliveries are still scheduled to start on Nov. 30 of this year. Musk stated on the conference call that the Cybertruck would not become cash-flow positive for 12 to 18 months, but that by 2025 he anticipated a production run rate of 250,000 units annually. Musk continued by saying that achieving volume production of the Cybertruck would provide “enormous challenges” for Tesla.
“We believe the 3Q report will add to near-to-intermediate term investor concerns given company commentary that the current macro backdrop/higher rates could gate its growth (including how quickly it ramps factories), and comments that the initial Cybertruck ramp could be slow,” Mark Delaney, a Goldman Sachs analyst, wrote in for investors. Afterwards, in response to the Q3 results, Delaney decreased his Tesla price estimate from $265 to $235.
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