Tesla CEO and X owner Musk speaks at a Tesla product launch event in Los Angeles, California, USA on October 10, 2024
Source: Tesla | Youtube
Tesla The company is scheduled to report third-quarter earnings after the close of regular trading on Wednesday.
Here’s what analysts expected:
- Earnings per share: 58 cents, according to LSEG consensus estimate
- income: $25.37 billion, according to LSEG
Earlier this month, Tesla reported Car deliveries in the third quarter 462,890. Deliveries are closest to Tesla’s reported sales. The company also said it had produced 469,796 electric vehicles in the period ended September 30.
Although deliveries increased by 6% compared with the same period last year, it was lower than analysts’ expectations and fell for two consecutive quarters. Tesla has also been offering a range of discounts and incentives to spur electric vehicle sales, which may continue to put pressure on profit margins.
Less than two weeks after the financial report was released The highly anticipated robotaxi event That left shareholders wanting more details and it came about two weeks before the presidential election, which occupies a large part of the C.E.O. Musk’s Late schedule. Musk has been a vocal supporter of Republican candidates and former presidents Donald Trump.
Based on questions raised by investors Through the online platform Say Technologiesa significant number of shareholders are wondering how Musk’s pro-Trump activism will affect Tesla and its stock price.
Musk has spent tens of millions of dollars to return Trump to the White House, even though the former president has not supported the type of federal spending on electric vehicles, charging infrastructure and environmental regulations that have benefited Tesla for years.
Musk also said at a recent event in Harrisburg, Pennsylvania, that he believes many government agencies and regulations in the United States are ineffective and unnecessary.
“We really shouldn’t trust the government. We just shouldn’t,” he said. “Even if I’m in the government, don’t trust the government.”
At the same time, Tesla faces increasing competitive pressure, especially in China, from companies such as BYD and Geely, as well as new generation automakers such as Li Auto and NIO. In the United States, traditional automakers Ford and General Motors It’s starting to sell more electric cars despite backing off previous electrification promises.
“Tesla’s operating results suggest that the EV gap with legacy OEMs is stalling and narrowing compared with Chinese rivals,” Jefferies analysts wrote in a note on Tuesday. “ Tesla is no longer constrained by capacity and faces two years of sluggish growth due to aging core models and challenges in scaling variable and fixed costs.” Analysts recommend holding the stock.
Other investor questions submitted ahead of Wednesday’s call focused on the company’s progress in developing specialized robotaxis, self-driving software and humanoid robots. Shareholders also want to know details about the Cybertruck’s profitability and popularity.
Angle steel pickup trucks are plagued by quality problems, but Tesla still sells more than 16,000 Cybertrucks According to reports, in the third quarter of the United States estimate Excerpted from Kelley Blue Book.
Tesla has not released specific guidance for 2024, but executives said they expect delivery growth this year to be lower than last year.
Tesla shares are down 13% so far this year, while the Nasdaq is up 23%.
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