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A rough day at the office for Tesla
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Tesla’s Eventful Day
Elon’s other (other, other?) company had an…interesting day at the office.
We’re talking about none other than Tesla.
The story begins with the three words no company ever wants to hear: an earnings miss:
Adjusted earnings were at $2.3B for the quarter, down 37% from last year.
Revenue was $23.4B, short of the expected $24.1B.
Adjusted automotive margins (the margin without regulatory credits) fell by 11% year over year to 18%.
The culprit? Price cuts, a slowdown in production due to temporarily closed production lines, and decreased demand from the interest rate hikes.
But it wasn’t all bad, as it was announced that the long-awaited Cybertruck is scheduled to finally hit the streets on November 30th.
That must mean Tesla is about to be raking in cash like Huell, right? Well, not exactly. As the boss man himself said, “It will take, I don’t know, a year to 18 months before it is a significant positive cash flow contributor”.
At the end of it all, Tesla ended the day down 9%.
The Big Picture: With the Cybertruck supposed to be a great product and the powers-to-be pushing EVs, Tesla isn’t dead in the water yet, even with the tough quarter.
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