In the latest news from Tesla, the company has shared a never-before-seen look at the Cybertruck Pilot production line at Giga Texas (Teslarati). The unveiling of this production line comes as Tesla posted its Q1 2023 earnings report after markets closed yesterday (Teslarati), with the results indicating $23.3 billion in revenue and 19.3% non-GAAP gross margins. While the revenue beat estimates, the slight profit miss and gross margin dip to 19.3% on price cuts has caused Tesla shares to slip after the bell (Yahoo Finance).
Despite this, the bar is set high for Tesla as Morning Brief reports that Elon Musk has indicated the company will keep cutting prices to stoke demand, even after markdowns early this year took a toll on profit margins (Yahoo Finance). The announcement of additional vehicle price cuts in Europe, Israel, and Singapore on Friday also signaled more price cuts ahead (Investor’s Business Daily).
As all eyes are on Tesla’s margins ahead of their earnings report, the electric vehicle maker has dropped the prices of its Model 3 and Model Y in the US (Teslarati). With Tesla’s Q1 2023 Earnings Call scheduled to stream on Twitter, the company is bringing its earnings to the forefront. Analysts are setting their sights on one thing moving forward – how Tesla performs (Teslarati).
While some are concerned about Tesla’s profit margins, others see the potential for growth. Gene Munster, Deepwater Asset Management Managing Partner, believes there is a bull case for Tesla after the EV maker’s revenue beat estimates (CNBC). And with the Cybertruck Pilot production line up and running, Tesla’s future appears to be bright.
