Tesla’s Cedears soar 20% after reporting better-than-expected results

He Cedear of Tesla soared more than 20% this Thursday at BYMA, after the American electric vehicle manufacturer obtained better results than expected in the third quarter. Elon Musk’s company added US$150,000 million to its market capitalization in the last 24 hoursits largest profit in history.

The Cedears (Argentine Deposit Certificates) They are papers that follow quotes of foreign companies in global markets and that are subscribed in pesos – also in dollars – but they follow the fluctuations of the Cash with Settlement dollar (CCL).

On the Buenos Aires stock market, Tesla’s Cedear rose 20.6%, while on Wall Street the shares of the automotive industry giant jumped 21.9%.

Tesla’s net profit was $2.18 billion, 17% more than the same period last year. Per share, this means 72 cents, a increase of 9%. This is a better figure than expected, according to the consensus gathered by FactSet, which established US$2.01 billion in earnings at a rate of 60 cents per share.

On the other hand, billing did not reach analysts’ forecasts, standing at US$25,180 million compared to US$25,470 million expected, although the increase was 8%. “We had good results in the third quarter with growth in deliveries both month over month and compared to last year, and as a result (we had) record volume” sales for a third quarter, the manufacturer said in a statement.

The group explained that the average sales price of its vehicles was lower, due to promotions and “attractive” financing options. But he also noted that his results benefited from lower costs per unit due to a decrease in the price of materials and freight. In addition, it reported a cost price per vehicle of about $35,100.

At the beginning of October it announced global sales in line with expectations for the third quarter, with 462,890 vehicles delivered. In the same period, it manufactured 469,796 vehicles. “Despite current macroeconomic conditions, we forecast slight growth in deliveries in 2024,” Tesla said on Wednesday.

The manufacturer, which aims to sell 1.8 million units this year, reached 7 million units manufactured on Tuesday. It confirmed that it develops new models, including cheaper cars, with a production start that remains in the first half of 2025. The low-cost vehicle – between US$25,000 and US$30,000 – is highly anticipated by consumers. markets.

In the year, Tesla has dropped 10% in the stock market and its founder, Elon Musk, has been under pressure to present new products. The launch at the beginning of the month in Los Angeles of Tesla’s “robotaxi” received criticism.