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LIVE: Tesla reports earnings

Aug 25, 2024, 16:15 IST
AP Photo/Rich PedroncelliElon Musk.Tesla is set to report its first-quarter earnings results after the market closes.

Wall Street is expecting an adjusted loss per share of 83 cents on revenue of $2.61 billion, according to Bloomberg.

Analysts are focused on any updates on production of its highly anticipated Model 3.

Production is set to begin by the second half of 2017. But given Tesla's history of delays, investors will be looking for evidence that the company is on track.

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The Model 3 has been touted as a more affordable electric vehicle priced at $35,000.

Tesla reported 25,000 vehicle deliveries in the first quarter, a record that sent its shares soaring and burned traders who were betting against the company. Tesla CEO Elon Musk even tweeted a jab at short sellers as they watched the stock rise to an all-time high. Tesla shares have gained 46% this year.

The stock's rise put its market capitalization above Ford's, and further highlighted Tesla's rich valuation.

According to Morgan Stanley's Adam Jonas, the electric-car maker's main competitors are not just the big traditional carmakers. Because Tesla is aiming to be more than just an electric-car company, competitors in its addressable market include firms like Alphabet, Apple, and Uber, Jonas said in a note.

More to come ...

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