Why Tesla Stock Is Plunging Today
(NASDAQ: TSLA) stock crashed on Thursday and was trading 9.1% lower as of 12:15 p.m. ET after CEO Elon Musk tempered expectations for the long-awaited Cybertruck right after the company reported a sharp drop in profits for the third quarter.
Tesla released its third-quarter numbers and hosted its earnings conference call Wednesday after the close. Here are some key numbers from the electric vehicle (EV) giant's quarter that investors must know. (All changes are year over year.)
Tesla continues to enjoy strong demand for its EVs, and is growing its revenue steadily despite cutting its prices several times this year, but the company's latest report is a reminder that building EVs is a costly business. While factory upgrades drove Tesla's production costs higher, the EV maker also incurred large expenses on research and development (R), its artificial intelligence (AI) projects, and the Cybertruck.
Source Fool.com
Tesla Inc Stock
Our community is currently high on Tesla Inc with 55 Buy predictions and 26 Sell predictions.
With a target price of 249 € there is a hugely positive potential of 54.18% for Tesla Inc compared to the current price of 161.5 €.
