Tesla's stock faces a 9% decline after CEO Elon Musk expresses concerns about the challenges of reaching high-volume production and profitability with the Cybertruc
TSLA shares were holding up, higher from the close, until CEO Elon Musk showed some uncertainty about the cybertruck's launch which had been picked up optimistically from the press release. “It's an amazing product but I do want to emphasize that there will be enormous challenges in reaching volume production with the Cybertruck and then in making the Cybertruck cash flow positive,” Musk said during Tesla’s earnings call on Wednesday.
Revenue was impacted by the following items growth in vehicle deliveries growth in other parts of the business- reduced average selling price ASP YoY excluding FX impact- negative FX impact of $0.4B Free cash flow disappointed at $848 million, well below the estimate of $2.59 billion. And Tesla still sees production 1.8 million vehicles this year in line with the estimate of 1.82 million. Tesla’s automotive gross margins ex-regulatory credits for the quarter was 16.3% below expectations of 17.
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