The electric vehicle maker delivered a record 405,278 vehicles to customers in the fourth quarter, even though the company missed its 50% annual growth target. Net income for the quarter was $3.69 billion, or $1.07 per share, compared with $2.32 billion, or 68 cents per share, a year earlier.
“In the short term, we are accelerating our cost reduction projects and moving towards higher production levels,” the company said in its balance sheet commentary. While ensuring that “his team is used to being stabbed.”
Tesla also faces stiff competition in the industry and is under intense scrutiny over unknowns surrounding Musk’s leadership and financial efforts at Twitter after he acquired the struggling social media mogul for $40 billion. Controversies over his plans for Twitter risk damaging the brand’s popularity among a segment of consumers, analysts say. Today, Musk is also at the center of a lawsuit in San Francisco as a result of a class action lawsuit filed by Tesla investors accusing him of misleading tweets in 2018 about his private plans to buy the company that never materialized.
After the market, on the wave of results, Tesla shares are up 5% and recovered 33% since the beginning of the year. But during 2022, the king of high-tech cars suffered a sharp drop of $675 billion in market capitalization and a stock drop of more than 65%.
Source: Ambito
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