Hong Kong, China, 13 Sept 2022, A red Tesla car passes in front of a Tesla dealer 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 expected on Wednesday morning, according to Refinitiv:
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- Earnings (adjusted): $1.13 per share
- Revenue: $24.16 billion
In last year’s quarter, Tesla reported revenue of $17.72 billion and adjusted earnings of $2.52 per share.
Earlier this month, Tesla reported the number of vehicle deliveries and production for the fourth quarter of 2022 that set a new record for the company, but shy of the company’s goals and analysts’ expectations, although it has reduced car prices in December to spur customers to take delivery before the end of the year.
Tesla reported 405,278 vehicle deliveries and 439,701 vehicle production in the period ending December 31, 2022. Full-year deliveries were approximately 1.31 million, a record for Tesla, after the company started production at new plants in Austin, Texas, and Brandenburg, Germany.
Last year, Musk said the factory was akin to a “money-burning furnace” in an interview with the owners’ club posted to YouTube in June.
Until now in 2023, Tesla continues to reduce the price of cars around the world, upsetting customers in the US and China who recently bought new Teslas at higher prices, and also causing a drop in the price of used Teslas in the US.
Tesla solicits questions ahead of its earnings call through a site called Say.com from retail and institutional investors.
Among other things, investors on the site said they want to know what the new price cut will do to Tesla’s automotive gross margin, how much the company expects to grow car sales in 2023, and when Tesla plans to start mass production and deliveries. from a long-delayed, sci-fi inspired, pickup truck in Cybertruck.
During the fourth quarter of 2022, shareholders also demanded answers from Tesla and Elon Musk about their goals at the automaker as Tesla’s stock price fell. Tesla’s stock price has fallen more than 40% in the past six months.
Musk currently divides 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 celebrity CEO sold billions of dollars of his Tesla holdings last year, including $3.6 billion in the fourth quarter, partly to finance the Twitter deal, which closes at the end of October 2022. He immediately appointed “Chief Twit,” and the CEO there. .
Since taking over Twitter, he has made major changes to the business and the service, including allowing people who have been permanently suspended from the platform to come back online.
Musk’s moves on Twitter, and his political statements on the social media platform, are linked to a decline in the reputation of Musk and Tesla, especially among liberal to very liberal people in the US, according to research by YouGov shared with CNBC.
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