Tesla reported it’s yesterday after the market closed and they surely did impress the analysts on Wall Street. Shares are currently up more than 9% in the morning session of the market and this is the biggest single day gain in the past 6 months. Here’s how the numbers lined up-
- EPS was $1.19 vs $1.13 as analysts expected
- Revenue came in as $24.32 Billion vs $24.16 Billion as analysts expected
- Gross margins came in at 25.9%
- Elon Musk said the company could do more than 2 Million Cars in 2023.
Investors had been concerned with the company’s demands given the recent price cuts but the CEO, Elon Musk had cleared all the doubts off when he said that the company saw the best demand in January of 2023 in the history of Tesla. “We’re currently seeing orders of almost twice the rate of production”, said Elon Musk.
Musk also said that Twitter is a great tool for Tesla as a brand, Musk said “So Twitter is actually an incredibly powerful tool for driving demand for Tesla. And I really encourage companies out there of all kinds automotive or otherwise to make more use of Twitter and to to use their Twitter accounts in ways that are interesting and informative, entertaining, and it will help drive sales just as it has with Tesla.”
Tesla is currently planning a $3.6 Billion expansion in the Nevada Gigafactory for the production of their newly launched Semi Trucks. The company expected to start with the beta production of Cyber Truck in mid 2023, around summers and then start the actual deliveries around 2024.
There were a few projects that Musk also talked about during the earnings call, related to new products that are currently under development and did not comment further on them, but he did mention that it will “blow people’s minds” when they reveal them.
Tesla’s debt free position and positive cash flow also generated other investments for the company and Tesla’s CFO, Zack Kirkhorn also mentioned that the company is in a good position financially to act on it’s commitments and developments plans, etc.
Tesla’s stock is already up a massive 45% YTD. But it has a long road for recovery after the bloodshed 2022. Can the stock reach its $300 levels? well given the momentum it has started with, it definitely could. Rest only the company can tell!