"The stock initially rose sharply on the news, but then fell back into losses as financial analysts expressed skepticism whether the new number signals a true turnaround given all the anti-Musk backlash. I don't think most people are any more enamored with Elon now that they were a few months ago, said Telemetry Insight's Sam Abuelsamid. I expect this is more a blip for Tesla than the restart of growth."
"Even one of the biggest bulls on Wall Street, Dan Ives of Wedbush Securities, was cautious in his assessment, saying there were lingering demand issues. Still, it was a blowout number with sales hitting 497,099 vehicles versus 462,890 in the same period last year. Analysts expected sales to fall slightly to 456,000, even with a boost from customers seeking to use the electric vehicle incentive. Tesla stock dropped more than 1.4% to $453 at 11 a.m. in New York."
Tesla's third-quarter sales increased 7% year-over-year to 497,099 vehicles, up from 462,890, likely aided by customers rushing to claim a $7,500 electric-vehicle tax credit before its Sept. 30 expiration. Analysts had expected a slight decline to roughly 456,000 units. The stock initially jumped on the news but later fell as analysts expressed skepticism about a durable turnaround amid anti-Musk backlash and lingering demand issues. Investors remain optimistic about a planned cheaper Model Y and a shift toward robotaxi and Optimus initiatives, while executives project the lower-priced Model Y launch in the current quarter or early next year.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]