Tesla stock has worst week of the year

Tesla shares fell as much as 15% this week as CEO Elon Musk made bearish comments on macroeconomic issues.

Tesla shares closed the week at $211.90, down 15%, marking their worst week of the year.

Prices fell after Tesla CEO Elon Musk made bearish comments about the economy during his third-quarter earnings call this week, saying price cuts would be necessary in the coming quarters.

In the third quarter, Tesla recorded $23.35 billion in revenue and $2.3 billion in profit, down 37% year-on-year and also the lowest in two years.

Tesla Model 3 cars produced at a factory in Shanghai. Photo: Reuters

Musk poured cold water on investors' expectations for the Cybertruck electric pickup truck. Tesla expects to start deliveries later this year. However, he remains cautious about the Cybertruck's profitability, given its difference from previous Tesla vehicles.

"The demand is huge. We have over 1 million pre-orders. So demand is not a problem. But we have to make the car affordable for everyone. It's extremely difficult," he said.

He also declined to give details about the “robotaxi” and self-driving car technology they have been researching for years. Tesla has lagged behind other robotaxi developers such as Cruise, Waymo (USA) and Didi (China).

Musk also mentioned reducing the cost of electric cars for customers, while expressing concern about high interest rates. "Interest rates are too high. If they go up any further, it will be very difficult for people to buy cars," Musk said.

During the earnings call, Musk also made some optimistic comments, reassuring investors that Tesla would continue to “invest heavily in AI,” a technology he said would be “a huge game changer” and “have the potential to make Tesla the most valuable company in the world with fully autonomous vehicles and humanoid robots.”

However, the market has not been as enthusiastic about the CEO’s long-term vision statements as it has been in the past, with even the most optimistic analysts expressing caution after the company released its third-quarter financial report.

Colin Langan, an analyst at Wells Fargo, said Tesla investors “don’t have rose-colored glasses anymore.” Adam Jonas of Morgan Stanley lowered his price target on Tesla shares from $400 to $380.

"We can't call it a growth stock when it's about to have its second consecutive year of declining earnings. We need to rethink the long-term potential of Tesla's products and services," Jonas said.

Ha Thu (according to CNBC)

Source link: https://vnexpress.net/co-phieu-tesla-co-tuan-te-nhat-nam-4667403.html