Tesla CEO Elon Musk via an email has commended the company’s workforce for their work in 2022, also encouraging them to push for a strong fourth-quarter finish.
Musk urged them to volunteer to help deliver Tesla vehicles to customers before midnight on Dec. 31st, if at all possible.
As it is a custom at the company, every last day of most quarters, it enlists employees from all over the company to bring new cars to customers to reach or exceed target delivery goals.
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Meanwhile, Tesla’s Q3 2022 earnings results dropped, although it saw a decent finish. The company reported a revenue of $21.45 billion in Q3 and earnings of $1.04 per share, which fell below analysts’ expectations of $21.96 billion.
Tesla’s automotive revenue stood at $18.69 billion, an increase of 55% from a year ago. The cost of revenue for the company’s core automotive business rose to $13.48 billion during the quarter, up from $10.52 billion during the second quarter (Q2), in line with the increase in automotive sales.
Its automotive regulatory credits made up 1.5% of automotive revenues at $286 million for the quarter.
The company’s net income (GAAP) for Q3 2022 reached $3.33 billion, with automotive gross margins holding steady at 27.9%, exactly where it stood in the second quarter of 2022. During the same period last year, Tesla reported $1.62 billion in profits.
Despite its weak performance and failure to meet analysts’ expectations in the Q3 earnings, Elon Musk is optimistic that there will be a significant increase in the fourth quarter earnings.
He had earlier disclosed that the company already has an excellent demand for Q4 and expects to sell every car it has so far produced.
Musk revealed that all Tesla factories across the globe are running at full speed, and the company is delivering every car it makes, keeping operating margins strong.
“I’m of the opinion that we can far exceed Apple‘s current market cap. In fact, I see a potential path for Tesla to be worth more than Apple and Saudi Aramco combined. That doesn’t mean it will happen or will be easy,” he said.
Meanwhile, Tesla Stock Is Headed for Its Biggest-Ever Annual Decline. Its current stock price of TSLA 8.08%, is poised Friday to close the worst year in the stock’s history, having lost more than $700 billion in market valuation amid investor concerns about production disruptions, and worries as Elon Musk shifts to focus on Twitter.
Reports reveal that while 20% of the Tesla stock decline is due to concerns about demand and growing EV competition, 80% is because of his focus on Twitter.
The electric-vehicle maker’s shares fell roughly 65% from the start of the year, which is pushing Elon Musk to change strategy, which has seen him sell Tesla stock after pledging not to do so.