Tesla’s first-ever Investor Day caused a stir in the EV industry as investors and analysts awaited details on the company’s ambitious growth targets. While some felt the event was short on specifics, most acknowledged Tesla’s lead in technology and production capabilities. However, the stock saw some pullback following the event. Meanwhile, several other players in the EV space reported earnings and made important announcements.
Tesla Investor Day Takes The Spotlight
Tesla’s Investor Day event on March 1 garnered significant attention from investors and analysts. While many were impressed with the company’s technological and production capabilities, some felt the event was short on specifics regarding the company’s ambitious growth targets. Tesla confirmed that its next Gigafactory would be located in Nuevo León state in northern Mexico, with plans to produce more than 1.8 million vehicles annually by 2023. However, the company did not provide a clear roadmap for achieving its goal of having 20 million cars per year by 2030. Tesla’s sales in China rose 31.7% YoY to 74,402 vehicles, but BYD Company Limited saw nearly 110% growth for its battery EVs.
Ford Announces Self-Driving Subsidiary
Ford Motor Co. announced the creation of a new subsidiary called “Latitude AI,” which will focus on developing an automated driving system for the company’s next-generation vehicles. In addition, the company reported that its February EV sales had jumped over 68% YoY to 3,523 units. However, Dearborn’s EV lineup accounted for just under 3% of total sales. Ford has also announced that it will restart its F-150 Lightning pickup truck production on March 13 after stalling manufacturing due to potential battery issues.
Rivian’s Revenue, Guidance Disappoint
Rivian Automotive reported fourth-quarter revenue that fell short of expectations, leading to disappointment among investors. The company’s 2023 production guidance of 50,000 units also fell short of consensus expectations of 60,000 units, which the company blamed on supply chain issues. Investors sent shares down by over 2% for the week, despite several of its peers closing higher.
Fisker Affirms Plans
EV startup Fisker reported fourth-quarter results below estimates but confirmed that the first deliveries of its Ocean electric SUV would begin this spring. The company also plans to produce more than 40,000 vehicles in 2023, which helped appease investors.
Toyota’s Sub-$30K Vehicle Update
Toyota’s joint venture company FAW-Toyota rolled out its first bZ3 EVs off the production line in China. Priced between 189,800-219,800 yuan ($27,400-$31,800), deliveries are expected to begin in the first quarter.
Despite some mixed earnings and guidance reports, the positive sentiment in the broader market proved contagious for most EV stocks, which advanced for the week.
Tesla (TSLA) Trades at $197.79 Per Share During Last Trading Session
On March 3, Tesla (TSLA) closed at $197.79 per share during the last trading session after opening at $194.80. The stock’s high for the day was $200.48, while its low was $192.88. The price-to-earnings ratio for Tesla stands at 54.62, with the lowest price recorded over the past 52 weeks at $384.29 and the highest at $101.81.
Tesla’s average daily trading volume is 193,252,669, with an EPS of 3.62. The percentage change in price since the end of yesterday’s trading is 3.61, with the previous day’s price closing at $190.90. Tesla’s market capitalization is $619,769,010,262, and currently, there are 3,164,103,000 shares outstanding.
Tesla’s Recent Performance
Tesla, the leading electric vehicle manufacturer, has seen a fluctuation in its stock prices over the past few months. In January 2021, the stock price soared to an all-time high of $883 per share, but it has since declined to its current price of $197.79.
The drop in Tesla’s share price can be attributed to several factors, including the global semiconductor shortage and increasing competition in the electric vehicle market. Tesla’s competitors, such as NIO, Li Auto, and BYD, have been gaining traction in the Chinese market, posing a threat to Tesla’s growth plans.
Furthermore, Tesla’s recent decision to stop accepting Bitcoin payments due to environmental concerns has also impacted the company’s stock price. The announcement led to a sharp decline in the cryptocurrency market and raised concerns about Tesla’s commitment to sustainable energy practices.
Tesla’s Future Outlook
Despite recent challenges, Tesla remains optimistic about its future growth prospects. The company plans to increase its production capacity by building new factories in various locations worldwide. In addition, Tesla is investing in new technology to enhance its autonomous driving capabilities, which could prove to be a significant revenue driver in the future.
Tesla’s recent foray into the energy storage market through its Powerwall and Powerpack products has also been a key growth driver. The company’s battery technology has proven to be a game-changer in the energy storage industry, offering a reliable and cost-effective alternative to traditional fossil fuel-based energy sources.
Tesla’s stoTesla’se has been on a rollercoaster ride over the past few months, but the company remains confident about its future growth prospects. Tesla’s comTesla’s sustainable energy practices and its focus on technological innovation continue to drive its success in the electric vehicle industry. While challenges and competition persist, Tesla’s ability to adapt and innovate has proven to be a significant advantage. The company is poised to remain a major player in the industry for years.
