Elon Musk, CEO of SpaceX and Tesla and owner of Twitter, gestures as he attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center in Paris, France, on 16 June 2023.
Gonzalo Fuentes | Reuters
You’re here publishes its results for the second quarter after the bell Wednesday.
Here’s what Wall Street is waiting for Elon Muskaccording to analyst estimates compiled by Refinitiv:
- Income: $24.47 billion
- Earnings: 82 cents per share
In the first quarter of 2023, Tesla reported revenue of $23.33 billion on net income of $2.51 billion. During the second quarter last year, Tesla reported $16.93 billion in revenue on net revenue of $2.27 billion.
At the beginning of this month, Tesla reported 466,140 in total vehicle deliveries for the second quarter and said it produced 479,700 electric vehicles. (Deliveries are the closest approximation to sales reported by Tesla.)
Since these deliveries were higher than Wall Street expected and were partly driven by incentives and rebates, investors will likely be looking for information on how Tesla’s price cuts affected margins.
Retail shareholders are also hoping the company will deliver more Cybertruck updates on Wednesday. earnings callaccording to questions submitted beforehand on a platform animated by Say Technologies.
Last week, You’re here shared a photo on social media of what he said was the first Cybertruck ever built at his factory in Austin, Texas. However, the company had yet to disclose specs or pricing for the angular sci-fi-inspired pickup that Musk originally launched and promoted in 2019.
In addition to Cybertruck details, retail investors posting on Say wanted updates on Tesla’s production of 4,680 battery cells, which are seen as key to ramping up production of the company’s Class 8 tractor-trailers and the Cybertruck, about Tesla’s development of a humanoid robot (called the Tesla Bot or Optimus), and about a new factory Tesla said it would build in Mexico.
Investors are also looking for updates on the company’s progress toward developing an autonomous or robotaxi-ready vehicle. As Musk touted Tesla’s self-driving ambitions in 2016, he said the company would take a hands-free trip across the United States by the end of 2017. Tesla has yet to complete that mission.
Morgan Stanley analyst Adam Jonas wrote in a note earlier this week: “For the rally to continue, we believe Tesla must prove that it is more than just an automotive company.”
Musk, who is also CEO of SpaceX and majority shareholder and CTO of social media company Twitter, recently launched another new company, xAI, which he incorporated in Nevada. Musk said earlier this month that xAI plans to collaborate with both Tesla and Twitter, and that xAI will likely work with his electric vehicle business on the “silicon front” and on the “AI software front.” “.
