Tesla reported revenue of $23.33 billion compared to the $23.21 billion estimated by Refinitiv, while the adjusted earnings per share were in line with the expected mark of $0.85. However, the company’s total gross margin was 19.3%, well below the 22.4% expected by analysts polled by Refinitiv.

Since the start of 2023, Tesla has tried to boost the sales of its electric cars by slashing the prices on six occasions. This included a price cut on Monday night that will result in some models being available for less than $40K. Some experts predict even lower prices in the future as the company faces increased competition.

“We expect ongoing cost reduction of our vehicles, including improved production efficiency at our newest factories and lower logistics costs, and remain focused on operating leverage as we scale,” Tesla said in a statement released to shareholders.

Tesla’s stock closed on Tuesday at $180.59 per share, representing a 67.06% jump year-to-date. The shares fell as low as $172.66 at one point after the bell.

The post Tesla Shares Drop After Disappointing First-Quarter Earnings Results appeared first on theprimarymarket.com.

According to the report, Tesla delivered 422,875 electric vehicles in the first three months of 2023, which is shy of the 430,008 cars mark that was expected by Wall Street experts. The company also set the record in production during the same period of time, with 440,808 units getting off the production track.

Tesla’s head of investor relations Martin Viecha was proud of the numbers nonetheless, saying in a Twitter post that the company’s “sequential growth continues even in the first quarter.”

Tesla tried to ramp up its sales at the start of the year by slashing prices. Some of its most popular models have been discounted by 20 percent compared to their original price. However, the challenging economy and growing competition obviously prevented the company from making the most out of this tactic.

Tesla’s stock has been surging the entire past week, closing at $207.46 on Friday. The company’s shares have jumped more than 91 percent year-to-date and are at their highest since February.

The post Tesla Sets New Record for Deliveries But Misses Wall Street Estimates appeared first on theprimarymarket.com.

Tesla reported revenue of $23.33 billion compared to the $23.21 billion estimated by Refinitiv, while the adjusted earnings per share were in line with the expected mark of $0.85. However, the company’s total gross margin was 19.3%, well below the 22.4% expected by analysts polled by Refinitiv.

Since the start of 2023, Tesla has tried to boost the sales of its electric cars by slashing the prices on six occasions. This included a price cut on Monday night that will result in some models being available for less than $40K. Some experts predict even lower prices in the future as the company faces increased competition.

“We expect ongoing cost reduction of our vehicles, including improved production efficiency at our newest factories and lower logistics costs, and remain focused on operating leverage as we scale,” Tesla said in a statement released to shareholders.

Tesla’s stock closed on Tuesday at $180.59 per share, representing a 67.06% jump year-to-date. The shares fell as low as $172.66 at one point after the bell.

The post Tesla Shares Drop After Disappointing First-Quarter Earnings Results appeared first on theprimarymarket.com.

According to the report, Tesla delivered 422,875 electric vehicles in the first three months of 2023, which is shy of the 430,008 cars mark that was expected by Wall Street experts. The company also set the record in production during the same period of time, with 440,808 units getting off the production track.

Tesla’s head of investor relations Martin Viecha was proud of the numbers nonetheless, saying in a Twitter post that the company’s “sequential growth continues even in the first quarter.”

Tesla tried to ramp up its sales at the start of the year by slashing prices. Some of its most popular models have been discounted by 20 percent compared to their original price. However, the challenging economy and growing competition obviously prevented the company from making the most out of this tactic.

Tesla’s stock has been surging the entire past week, closing at $207.46 on Friday. The company’s shares have jumped more than 91 percent year-to-date and are at their highest since February.

The post Tesla Sets New Record for Deliveries But Misses Wall Street Estimates appeared first on theprimarymarket.com.