On April 19, 2023, Tesla’s shares faced a 2% decline immediately after the release of its latest financial report, as reported by Yahoo Finance (url). Tesla’s first-quarter net income fell 24% from the previous year due to price cuts across the model lineup, as reported by Yahoo Finance (url). The EV company’s revenue and profit missed estimates by a slight fraction, causing its gross margin to dip to 19.3%, according to Yahoo Finance (url). Analysts are looking for the company’s future plans after the earnings report, as reported by Teslarati (url).
Meanwhile, Tesla CEO, Elon Musk, responded to reports of Giga Shanghai workers upset about potential bonus deductions, and the reasons behind them, as reported by Teslarati (url). In addition to this, Tesla continued its 2023 price-slashing strategy by announcing additional vehicle price cuts in Europe, Israel, and Singapore, as reported by Investor’s Business Daily (url).
Tesla’s involvement in the EV price war is now causing a decrease in the company’s sales and profits, according to CNN (url). However, investors can keep track of Tesla’s current stock prices, history, and other important information on Yahoo Finance (url).
Tesla is set to deliver the result for the first quarter’s fiscal year 2023 on Wednesday after closing, as reported by Nasdaq (url). The company’s earnings report is highly anticipated, with investors and analysts interested to know how the company plans to tackle the EV price war, and whether it will implement new strategies to increase profits, and eventually, its stock value.
