After Tesla’s falling sales, layoffs and other problems, this is a crucial earnings report
CNN
It’s been a very bad year so far for Tesla. Investors will be closely watching its earnings report and comments to investors after the bell Tuesday to determine just how bad.
Tesla is having a very bad year so far. Investors will get an idea of just how bad after the company reports earnings and offers comments to investors after the bell today. So far this year Tesla shares have fallen 43% as of the close of trading Monday, after losing another 3% on the day following the latest round of price cuts announced over the weekend. The drop in the value of the stock has even some Tesla bulls worried about the future for the world’s most valuable automaker, and one that had been among the most profitable for the last five years. Concerns about the EV demand not living up to forecasts is hurting all auto stocks, but Tesla has had its own run of bad news lately to worry investors. And it makes what Tesla says Tuesday evening very important for its future. “The moment of truth has now arrived for Elon Musk and Tesla,” said Dan Ives, analyst with Wedbush Securities who has had a bullish view of Tesla for years. But he said the “conference call and messaging one of the most important moments in the company’s history.” “For the first time many long time Tesla believers are giving up on the story and throwing in the white towel,” he wrote. “The miscalculation of demand erosion in China has been a gut punch to the bull thesis. The global EV landscape has turned Tesla from a Cinderella story to a horror show in the near-term.” The latest price cuts announcement, which reduced the US prices of the Model Y, Model X and Model S by $2,000 each, while leaving prices unchanged for the Model 3 and the Cybertruck, follows its first year-over-year decline in global sales since the pandemic. Tesla has said it plans to cut more than 10% of its staff. The company also said it seeking approval from shareholders to restore stock options to allow CEO Elon Musk to buy 300 million shares of its stock at a discount after a Delaware judge earlier this year threw out the 2018 compensation package that had included those options.
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