Tesla's stock price fell more than 4% after markets closed midweek as a result of its third-quarter revenue falling short of investor forecasts. The business reported $21.45 billion in sales and a $3.3 billion profit. The findings follow the electric car manufacturer's announcement that it produced 22,000 more vehicles than it actually delivered.
Elon Musk, the company's Technoking, expressed optimism despite the numerous inquiries regarding demand he got during the earnings call with investors. The company blamed transportation problems for the delivery shortfall and stated in its earnings report that it was getting more and more expensive to secure capacity to move their automobiles.
Even while the firm didn't quite meet expectations, its financial figures do demonstrate that Tesla was able to bounce back from its rocky second quarter of 2022, when it experienced a decline in profit due to the shutdown of its Shanghai factory and manufacturing slowdowns.
Musk said Tesla's potential over the long run, claiming that it might ultimately surpass the combined value of Apple and Saudi Aramco, two of the most valuable corporations in the world. Musk acknowledged that it won't be simple. According to Musk, the company's board is also considering whether to buy back $5 billion to $10 billion worth of Tesla stock next year, which would entail Tesla using funds to purchase its own equities in order to return capital to shareholders.
Even though each of the company's plants experienced record production, supply chain bottlenecks, such as battery supply chain restrictions, continue to pose immediate difficulties. The results also come as Musk is close to finalizing a deal to purchase Twitter, which may necessitate his selling more Tesla stock. Although he and other investors are "clearly overpaying for Twitter right now," Musk said he was enthused about the prospective Twitter transaction.
TESLA'S SMALLER EV IS COMING
The next vehicle platform for Tesla, following the big one supporting the Model S and X and the small one supporting the Model 3 and Y, has received new information from company CEO Elon Musk.
One of the many unofficial prototype designs of the future smaller EV - not published by Tesla
Musk revealed that the following platform will be less expensive and smaller than the Model 3/Y platform at Tesla's Q3 2022 earnings call. When Tesla officials were questioned about any prospective developments for the following generation of vehicles during the Q&A session (listen to the audio webcast in the video above), Musk made the following remarks.
The third vehicle platform for Tesla, following the big one supporting the Model S and X and the small one supporting the Model 3 and Y, has received new information from company boss, Elon Musk. He revealed that the following platform will be less expensive and smaller than the Model 3/Y platform at Tesla's Q3 2022 earnings call. When Tesla officials were questioned about any prospective developments for the following generation of vehicles during the Q&A session, Musk said that production of the new model would outpace that of all previous Tesla vehicles put together. According to Musk, the cost to produce two units of the upcoming Tesla vehicle will be equal to the cost to produce one Model 3 at the moment.
Musk's remarks have undoubtedly reignited debates on the alleged $25,000 Tesla EV. Although it is anticipated that the production costs of the smaller model will be half those of the Model 3/Y, this does not necessarily imply that the car will be priced 50% less than the Model 3, which currently has a starting price of $48,490 in the US. Even so, it should drastically undercut the Model 3 due to the cheaper base, lower size, and scale efficiency.
The debut date is currently unknown, but it is safe to assume that the entry-level EV won't be available until Tesla has fully ramped up the manufacturing of Cybertruck and Semi. Unless Tesla China, which is said to be in charge of the project's development, receives approval to launch the model earlier, that might not happen until 2024.
