Tesla Winning Back Investor Confidence: Stock Pops After Q1 Results
Tesla (TSLA) shares moved over 8% higher following the company’s first quarter financial results announcement. The company missed on the top and bottom line but provided updates regarding autonomy and affordable vehicles. Here’s a look:
- Q1 revenue: $21.301 billion, missing the $22.151 billion estimate
- Q1 EPS: $0.45, missing the $0.51 estimate
Tesla reported 433,371 in total production, a 2% year-over-year decrease, and 386,810 in total deliveries, a 9% decrease.
Looking ahead, the company said it believes its next growth wave will be initiated by advances in autonomy and the introduction of new products, including ones built on the company’s next generation vehicle platform.
Our purpose-built robotaxi product will continue to pursue a revolutionary “unboxed” manufacturing strategy.
Tesla
Tesla also said it has updated its future vehicle line-up to accelerate the launch of new models, which include more affordable models, and will utilize aspects of both its current generation and next generation platforms.
Because of the focus on its next generation platform and other products, Tesla said its vehicle volume growth rate may be notably lower this year than in 2023. The company may also achieve less cost reduction than previously expected, for the same reasons.
Tesla shares saw an increase in volatility as traders positively digested the news. The stock has a 52-week low of $138.80 and a 52-week high of $299.29.
