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Tesla CEO Elon Musk and design lead Franz von Holzhausen show off their latest Cybertruck designs at the plant’s grand opening in Austin, Texas.
Tesla Inc
Shares in the electric car industry Tesla It fell more than 4% in premarket trading Thursday, after investors soured on initially positive results due to inaccurate comments from CEO Elon Musk and other executives on the company’s latest vehicle, the Cybertruck, a robot-ready vehicle.
Musk also warned that while the company will “continue to target 1.8 million cars this year,” Tesla also expected “third quarter production to be a little lower because we took a summer break” for what the CEO called “a lot” of factory upgrades.
Analysts also highlighted concerns about a “headwind” to Tesla’s margin, which at 9.6% was the lowest result for at least the past five quarters.
“We believe that margin headwinds may persist over the medium term if Tesla lowers prices to support higher volumes,” Goldman Sachs’ Mark Delaney said in a note on Wednesday.
Tesla stock has rebounded slightly off its overnight lows but remains lower than Wednesday’s closing price of $291.26. Tesla topped and bottomed out earnings, reporting revenue of $24.93 billion and earnings of 91 cents per share, adjusted, for the quarter ended June 30, 2023.
Early this month, Tesla reported a total of 466,140 vehicle deliveries for the second quarter, which is the closest rough estimate of sales reported by Tesla. But Musk didn’t provide exact delivery sizes for the new Cybertruck, only saying on the company’s earnings call that the Cybertruck will be “mass-produced next year,” with an unknown quantity delivered in 2023.
The company said in its earnings presentation that the Cybertruck “factory kit” is on the right track, but that the company only produces “release candidate” builds.
— CNBC’s Laura Kolodny and Michael Blum contributed to this report.
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