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Tesla Aims to Allay Customer Worries over a Possible Missed Delivery Target for 2022.

by NIsha Jain
October 21, 2022
in News, Tech
Reading Time: 2 mins read
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After its revenue fell short of Wall Street expectations, Tesla Inc. (TSLA.O) said on Wednesday that it anticipated missing its target for vehicle deliveries this year but played down worries about softening demand.

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Elon Musk, the CEO, assured investors during a conference call with analysts that there was excellent demand in the fourth quarter, allaying investors’ worries that consumers could be put off by the dismal global economy and high costs of Tesla automobiles.
While production increased by 50%, Tesla predicted that fourth-quarter deliveries would increase by less than 50%.

Although we aren’t recession proof, Musk emphasised that the company is recession resilient.

Tesla had stated that it wanted to increase by 50% from last year.

In after-market trade, its shares fell by close to 6%.
Investors are eagerly watching for signals that consumer demand is dropping as inflation soars and interest rates rise even if Tesla is expanding quickly amid general economic unease.

Tesla, which is held to a higher standard than every other automaker, has disappointed investors with this quarter’s performance, according to Wedbush analyst Daniel Ives, who wrote in a client note.

“Tesla must now once more demonstrate to the Street that the powerful growth story is encountering a multitude of logistics challenges rather than a slowing in demand as EV competition comes from all directions around the world,” said one analyst.

The third-quarter automotive gross margin for the electric car manufacturer was 27.9%, below analysts’ expectations and down from 30.5% a year earlier.

According to IBES statistics from Refinitiv, revenue for the third quarter was $21.45 billion, a record but below analysts’ expectations of $21.96 billion.

The corporation claimed that the strengthening of the US dollar against other major currencies had a $250 million negative foreign exchange impact on its earnings.

According to Tesla’s statement, “Raw material cost increases together with ramp inefficiencies from our new plants in Berlin and Texas, and the manufacturing of our new 4680 batteries harmed our profitability.” Musk stated that the 4680 battery manufacture was moving forward quickly, but CEO Andrew Baglino noted that there were still obstacles to overcome.

Musk further stated that the Tesla Semi trucks won’t make use of the 4680 battery cells when they begin to be delivered to customers in December.

Musk added that, subject to board assessment and permission, the firm has the power to repurchase shares for $5 billion to $10 billion.

Early this month, Tesla said it delivered 35% more cars than in the prior quarter between July and September, in part due to a recovery in Chinese manufacturing following protracted COVID-19 interruptions. However, the record amount fell short of analysts’ and car production predictions.

 

Tags: 2022Allay Customer WorriesCustomer WorriesDelivery TargetTesla
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