Earnings Results: Tesla earnings miss the mark, but stock rallies after margins hold

by | Oct 18, 2023 | Stock Market

Tesla Inc. investors looked past an earnings miss for the EV maker on Wednesday, focusing on some good news about the Cybertruck, but stock gains vanished after Chief Executive Elon Musk threw cold water on optimism about the electric pickup truck. “I just want to temper expectations for Cybertruck,” Musk said during a call with analysts and investors after the results. It’s going to be one year to 18 months before the Cybertruck turns into a cash-flow contributor, and there will be “challenges” to reaching volume production, he said.

“I wish there was a way for it to be different, but that’s my best guess,” Musk said. “It’s our best product ever, but it is going to require immense work to reach volume production.” Demand for the electric pickup is “off the charts,” Musk said, adding that more than 1 million people have submitted reservations for vehicle. Also see: Elon Musk says Cybertruck sales will start Nov. 30 “It is not a demand issue, but we have to make it and we have to make it at a price people can afford,” he said. When pressed for production expectations, Musk said he’d expect Tesla to be able to produce a quarter of a million Cybertrucks a year by 2025. Earlier Wednesday afternoon, Tesla
said it earned $1.85 billi …

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