Instant View: Tesla says it started building initial versions of an affordable car, posts a steep sales decline
Elon Musk's electric vehicle maker posted the worst quarterly sales decline in more than a decade and profit that missed Wall Street targets, but its profit margin on making cars was better than many feared.
MARKET REACTION:
Tesla shares were down nearly 5% in after-hours trading.
COMMENTS:
JACOB BOURNE, ANALYST, EMARKETER, NEW YORK:
"Tesla's disappointing results aren't surprising given the rocky road it's traveled recently. But the company maintains a strong foundation in the key growth sectors of energy storage, robotics, and AI-powered transportation. While traditional automakers like GM are gaining EV market share, we can expect that Tesla will continue pushing the needle on innovation if it can get a better handle on its current leadership distractions. Key challenges that will linger are supply chain risks related to its reliance on China and fierce competition from Chinese EV makers in that market.
Tesla doesn't need to choose between cars and future tech. There are technical synergies between EVs, robotaxis, energy systems, and robotics that could accelerate innovation across all fronts. The question is whether leadership can execute on this integrated vision in this fast-moving market."
ANDREW ROCCO, STOCK STRATEGIST, ZACKS INVESTMENT RESEARCH, CHICAGO:
"Tesla delivered earnings Wednesday night that fell short of top-and-bottom line expectations slightly. Despite the earnings miss, Tesla shares were buoyed early by the fact that the bleeding in gross margins has seemingly come to a halt, with gross margins coming in at 17.2% versus Wall Street estimates of 16.5%. The gross margin beat is especially impressive when investors consider that Tesla has been offering generous incentives and lower prices to its consumers.
Coming in to the report, Wall Street expectations were dire amid a slowing core EV business and CEO Elon Musk's reputational damage on both sides of the political aisle. Nevertheless, Tesla has limped over the low bar that was a dramatic earnings miss and delivered earnings that were better than most feared.
Additionally, news broke right before the market closed that Tesla is in "early talks" with the state of Nevada to expand its robotaxi service. If Tesla can convince investors that it will scale its robotaxi service rapidly, shareholders will be more forgiving regarding the core EV business, as Musk and his team look to expand into new verticals, transitioning and diversifying the business."
THOMAS MONTEIRO, SENIOR ANALYST, INVESTING.COM:
"Although still far from what fundamentals would suggest for a trillion-dollar company, Tesla's latest numbers do spark some optimism, indicating that the worst is likely behind it—at least in terms of the core auto business.
Given the plethora of headwinds faced during the difficult Q2 - both internally and on the macro front - margin deterioration appears to have come in at the lower end of the curve. When combined with improving cyclical demand dynamics in markets like China and parts of the US, this suggests that full-year results might not be as dire as previously expected following the disastrous first half of the year.
This also shows that the company has weathered the tariff storm somewhat better than initially projected, optimizing the production/delivery equation in the US. While it remains unclear how much of a hit regulatory credits will take in Q3, it's evident the company will need to continue refining its production strategy elsewhere to better navigate the second half.
From this perspective, recent product announcements are aligned with those strategic needs—particularly around the highly anticipated Model 2. With Tesla entering the Indian market and working to regain ground in China, we view this as a potential game-changer for H2.
All things considered—and while we're still a ways off from seeing true fundamental support for the current share price—the outlook for the core business is looking somewhat better. This could continue to support Tesla's long-term transition into a fully AI/robotics-driven company, which appears to be where Musk is placing his bets."
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