Such gains occurred despite downbeat earnings reported by EV maker Tesla. Stocks in the company fell by 12% after top-line revenue of $25.17 billion for the fourth quarter fell short of an expected $25.87 billion. Adjusted net income totaled $2.48 billion, lower than an expected $2.61 billion. The company lowered its full-year outlook as a result.

Economic data came in hot, with the fourth quarter US gross domestic product (GDP) showing that the US economy grew by 3.3% on an annual basis. This significantly outpaced the 2% growth expected by economists.

The post S&P 500 Reaches New Height as Tesla Slips appeared first on theprimarymarket.com.

While this year’s third-quarter deliveries were higher than last year’s deliveries of 365,923 vehicles, it fell short of the previous quarter’s 479,700 deliveries. Still, the company insists that it is on track to deliver its target of 1.8 million vehicles.

Some analysts have expressed optimism for Tesla’s fourth-quarter prospects, citing factory upgrades that could improve efficiency and lead to a rebound in deliveries. Such improvements should also allow Tesla to introduce new models to compete with U.S. rivals including Ford and BYD.

The post Tesla Q3 Deliveries Miss Estimates appeared first on theprimarymarket.com.

A post from Tesla on the social media platform Weibo showed that the price of the Model S has been lowered from 808,900 yuan to 754,900 yuan ($103,477.58); a 6.7% drop. The price of the Model X was reduced by 6.9% from 898,900 yuan to 836,900 yuan.

Vehicle sales in China for the EV maker declined by 31% in July compared to June – the first month-on-month decline that Tesla has experienced since December last year. This was the period in which Tesla lowered its production levels as it dedicated more resources to preparing for the revamped Model 3 launch.

In addition to raising its profit margin, Tesla is also looking to remain competitive against rivals such as China’s BYD, which saw its sales increase over July compared to the previous month.

The post Tesla Slashes Prices in China in Sales Push appeared first on theprimarymarket.com.

Tesla unveiled Cybertruck back in November 2019 and received 250,000 preorders in less than a week. Since then, the highly anticipated EV pickup faced some challenges that delayed production before Tesla CEO Elon Musk announced that the first units would find their way to customers in the third quarter of 2023.

The shares of Tesla dipped as low as $108 in early January before doubling up in value by the end of the month. Following the news about the first Cybertruck being produced in the Giga Austin plant, Tesla stock had a strong opening on Monday, reaching a price of $290.80 per share at one point.

Wall Street analysts expect Tesla shares to continue being on the rise in the following months, especially if the company delivers on its promise to start delivering Cybertruck to customers. The plans to build a new factory in Mexico and the expected introduction of new Tesla coupe models should also work in favor of keeping the stock strong.

The post Tesla Stock Surges After Giga Austin Plant Produces the First Cybertruck appeared first on theprimarymarket.com.

This rise followed news of General Motors’ announcement last week that it would be partnering with Tesla to make use of the company’s Supercharger Network. Tesla’s Supercharger Network will be available to GM electric vehicle drivers from next year.

General Motors’ decision to partner with Tesla comes after Ford announced a similar partnership with Tesla which would see Ford EVs receive access to Tesla’s charging network.

“Recall in our 2022 report that we sized the potential for Tesla opening its network more widely in the next few years (i.e. more than just Ford) at $1-$3 bn of incremental revenue (although Tesla wouldn’t necessarily capture all of this),” Goldman Sachs analyst Mark Delaney wrote in a note to investors.

The post Tesla Stock Extends Gains to 13th Straight Session 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.

A quick look at Tesla’s official website, and you’ll notice that Model S Plaid has gone from $114,990 to $109,990 while Model S AWD is now priced at $89,990 compared to the previous price of $94,990. On the other hand, you can now get Model X AWD for $99,990, down from $109,990, while the Plaid version of Model X has now dropped from $119,990 to $109,990.

Tesla CEO Elon Musk hinted at possible price movement during the company’s investor day earlier this month. At the time, Musk said that people have an “infinite” desire to own a Tesla but that the prices are stopping them from making that a reality.

“We found that even small changes in the price have a big effect on demand, very big,” he added.

After the debut of discount prices for Model X and Model S, Tesla’s stock has dropped roughly 2% compared to the close price of 198.30 per share on Friday. Tesla shares are 79.04% up year to date after a huge slide in 2022.

The post Tesla Slashes Prices of its Model X and Model S for the Second Time This Year appeared first on theprimarymarket.com.

Chandan Kumar, head of products at ETF provider Indxx commented that Tesla’s continued growth in China is unsurprising. This is because China’s Passenger Car Association (CPCA) stated in February that sales of new energy vehicles rose by 30% overall for the month.

“As a logical result of this Tesla, despite what many Americans may think, only gets roughly 31% of its total sales from the US, with the rest essentially all from China and Europe,” Kumar observed.

Much of Tesla’s sales boost comes from the company’s decision to cut the price of its Chinese-made Model 3 and the Model Y in January, which were reduced by 13.5% and 10% respectively.

Despite Tesla’s sales growth, the company was still outperformed by competitors such as BYD, which outsold Tesla and grew its new energy vehicle sales by over 100% for the month.

The post Tesla Stock Rises Amid China Sales Boom appeared first on theprimarymarket.com.

Cathie Wood’s ARK Innovation ETF, which comprises newsmaking tech innovators, advanced by 5% to mark a monthly gain of 25% to date. According to Reuters data, this puts ARK Innovation on the path to its largest monthly gain on record.

Lucid Group, the electric vehicle maker that made waves with its SPAC merger in 2021, skyrocketed by 43%. Close rival Tesla gained 11%, thereby raising its yearly gain to date to 43%.

Tesla’s gain on Friday also comes after the electric vehicle maker released its quarterly financial results which beat Wall Street estimates as well as the announcement that it would begin producing its Cybertruck later in the year.

Investors continue to exhibit confidence that economic data will prompt the Federal Reserve to reconsider its current fiscal policy stance and curb its lower interest rate hikes. Currently, all three U.S. indexes are up this year, with the Nasdaq Composite leading the way with a year-to-date 9% gain.

The post ARK Innovation, Coinbase, and Tesla Surge as Stocks Rally on Friday appeared first on theprimarymarket.com.

Such gains occurred despite downbeat earnings reported by EV maker Tesla. Stocks in the company fell by 12% after top-line revenue of $25.17 billion for the fourth quarter fell short of an expected $25.87 billion. Adjusted net income totaled $2.48 billion, lower than an expected $2.61 billion. The company lowered its full-year outlook as a result.

Economic data came in hot, with the fourth quarter US gross domestic product (GDP) showing that the US economy grew by 3.3% on an annual basis. This significantly outpaced the 2% growth expected by economists.

The post S&P 500 Reaches New Height as Tesla Slips appeared first on theprimarymarket.com.

While this year’s third-quarter deliveries were higher than last year’s deliveries of 365,923 vehicles, it fell short of the previous quarter’s 479,700 deliveries. Still, the company insists that it is on track to deliver its target of 1.8 million vehicles.

Some analysts have expressed optimism for Tesla’s fourth-quarter prospects, citing factory upgrades that could improve efficiency and lead to a rebound in deliveries. Such improvements should also allow Tesla to introduce new models to compete with U.S. rivals including Ford and BYD.

The post Tesla Q3 Deliveries Miss Estimates appeared first on theprimarymarket.com.

A post from Tesla on the social media platform Weibo showed that the price of the Model S has been lowered from 808,900 yuan to 754,900 yuan ($103,477.58); a 6.7% drop. The price of the Model X was reduced by 6.9% from 898,900 yuan to 836,900 yuan.

Vehicle sales in China for the EV maker declined by 31% in July compared to June – the first month-on-month decline that Tesla has experienced since December last year. This was the period in which Tesla lowered its production levels as it dedicated more resources to preparing for the revamped Model 3 launch.

In addition to raising its profit margin, Tesla is also looking to remain competitive against rivals such as China’s BYD, which saw its sales increase over July compared to the previous month.

The post Tesla Slashes Prices in China in Sales Push appeared first on theprimarymarket.com.

Tesla unveiled Cybertruck back in November 2019 and received 250,000 preorders in less than a week. Since then, the highly anticipated EV pickup faced some challenges that delayed production before Tesla CEO Elon Musk announced that the first units would find their way to customers in the third quarter of 2023.

The shares of Tesla dipped as low as $108 in early January before doubling up in value by the end of the month. Following the news about the first Cybertruck being produced in the Giga Austin plant, Tesla stock had a strong opening on Monday, reaching a price of $290.80 per share at one point.

Wall Street analysts expect Tesla shares to continue being on the rise in the following months, especially if the company delivers on its promise to start delivering Cybertruck to customers. The plans to build a new factory in Mexico and the expected introduction of new Tesla coupe models should also work in favor of keeping the stock strong.

The post Tesla Stock Surges After Giga Austin Plant Produces the First Cybertruck appeared first on theprimarymarket.com.

This rise followed news of General Motors’ announcement last week that it would be partnering with Tesla to make use of the company’s Supercharger Network. Tesla’s Supercharger Network will be available to GM electric vehicle drivers from next year.

General Motors’ decision to partner with Tesla comes after Ford announced a similar partnership with Tesla which would see Ford EVs receive access to Tesla’s charging network.

“Recall in our 2022 report that we sized the potential for Tesla opening its network more widely in the next few years (i.e. more than just Ford) at $1-$3 bn of incremental revenue (although Tesla wouldn’t necessarily capture all of this),” Goldman Sachs analyst Mark Delaney wrote in a note to investors.

The post Tesla Stock Extends Gains to 13th Straight Session 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.

A quick look at Tesla’s official website, and you’ll notice that Model S Plaid has gone from $114,990 to $109,990 while Model S AWD is now priced at $89,990 compared to the previous price of $94,990. On the other hand, you can now get Model X AWD for $99,990, down from $109,990, while the Plaid version of Model X has now dropped from $119,990 to $109,990.

Tesla CEO Elon Musk hinted at possible price movement during the company’s investor day earlier this month. At the time, Musk said that people have an “infinite” desire to own a Tesla but that the prices are stopping them from making that a reality.

“We found that even small changes in the price have a big effect on demand, very big,” he added.

After the debut of discount prices for Model X and Model S, Tesla’s stock has dropped roughly 2% compared to the close price of 198.30 per share on Friday. Tesla shares are 79.04% up year to date after a huge slide in 2022.

The post Tesla Slashes Prices of its Model X and Model S for the Second Time This Year appeared first on theprimarymarket.com.

Chandan Kumar, head of products at ETF provider Indxx commented that Tesla’s continued growth in China is unsurprising. This is because China’s Passenger Car Association (CPCA) stated in February that sales of new energy vehicles rose by 30% overall for the month.

“As a logical result of this Tesla, despite what many Americans may think, only gets roughly 31% of its total sales from the US, with the rest essentially all from China and Europe,” Kumar observed.

Much of Tesla’s sales boost comes from the company’s decision to cut the price of its Chinese-made Model 3 and the Model Y in January, which were reduced by 13.5% and 10% respectively.

Despite Tesla’s sales growth, the company was still outperformed by competitors such as BYD, which outsold Tesla and grew its new energy vehicle sales by over 100% for the month.

The post Tesla Stock Rises Amid China Sales Boom appeared first on theprimarymarket.com.

Cathie Wood’s ARK Innovation ETF, which comprises newsmaking tech innovators, advanced by 5% to mark a monthly gain of 25% to date. According to Reuters data, this puts ARK Innovation on the path to its largest monthly gain on record.

Lucid Group, the electric vehicle maker that made waves with its SPAC merger in 2021, skyrocketed by 43%. Close rival Tesla gained 11%, thereby raising its yearly gain to date to 43%.

Tesla’s gain on Friday also comes after the electric vehicle maker released its quarterly financial results which beat Wall Street estimates as well as the announcement that it would begin producing its Cybertruck later in the year.

Investors continue to exhibit confidence that economic data will prompt the Federal Reserve to reconsider its current fiscal policy stance and curb its lower interest rate hikes. Currently, all three U.S. indexes are up this year, with the Nasdaq Composite leading the way with a year-to-date 9% gain.

The post ARK Innovation, Coinbase, and Tesla Surge as Stocks Rally on Friday appeared first on theprimarymarket.com.