Hong Kong, China, September 13, 2022, A red Tesla car passes in front of a Tesla dealership in Wanchai. (Photo by Marc Fernandes/NurPhoto via Getty Images)
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Electric vehicle maker Tesla plans to report fourth-quarter results after the market closes on Wednesday.
Here’s what analysts were expecting on Wednesday morning, according to Refinitiv:
- Earnings (adjusted): $1.13 per share
- Revenue: 24.16 billion USD
For the last quarter, Tesla reported revenue of $17.72 billion and adjusted earnings of $2.52 per share.
In the first day of this month, Tesla report vehicle delivery and production the numbers for the fourth quarter of 2022 set a new record for the company, but fell short of the company’s goals and analysts’ expectations, even though it slashed car prices in December to encourage customers deliver the car before the end of the year.
Tesla reportedly delivered 405,278 vehicles and produced 439,701 vehicles in the period ending December 31, 2022. Full-year deliveries amounted to about 1.31 million, a record for Tesla, after the company began production at new plants in Austin, Texas and Brandenburg, Germany.
Last year, Musk said factories were like “money burning furnace” in an interview with the owner’s club posted to YouTube in June.
So far in 2023, Tesla has continued to lower the price of its cars around the world, frustrating customers in the US and China who have recently bought new Teslas at higher prices, and at the same time causing the price of used Tesla in the US to drop immediately.
Tesla solicits inquiries ahead of their earnings calls through a website called Say.com from both individual and institutional investors.
Among other things, investors on that site say they want to know how the recent price drop will affect Tesla’s auto gross margin, which the company expects to how much to increase its auto sales by 2023 and when Tesla plans to start mass production and delivery of the long-delayed, sci-fi-inspired Cybertruck pickup truck thought.
Throughout the fourth quarter of 2022, shareholders also sought answers from Tesla and Elon Musk about his intentions at this car company when Tesla’s share price dropped. Tesla’s stock price has fallen more than 40% in the past six months.
Musk is currently dividing his time, attention, and resources between Tesla, SpaceX, the defense contractor where he is CEO, and Twitter, the social media business he recently acquired.
The famous CEO sold his billions of dollars worth of Tesla shares last year, including $3.6 billion in the fourth quarterpartly to finance the Twitter deal, which ended at the end of October 2022. He immediately appointed himself “Director of Twit” and CEO there.
Since taking over Twitter, he’s made sweeping changes to the business and services, including allowing people who had been permanently suspended from the platform back online.
According to YouGov research shared with CNBC, Musk’s moves at Twitter and his political statements on the social networking platform are correlated with a sharp drop in Musk and Tesla’s reputation, especially especially among the liberals who are very liberal in America.
This is breaking news. Please check back for updates.