Tesla delivered weaker results than expected, but at the same time made promises about earlier production of a cheap model.
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The mood in the US stock markets soured throughout the afternoon, after Wednesday’s trade started with an upswing.
All three key indexes on Wall Street are down at 6 p.m.
- The collective index S&P 500 falls 0.33 percent
- The technology index Nasdaq falls 0.18 percent
- The Dow Jones index falls 0.40 percent
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Investtech analysis: Buy these three stocks
Earlier in the week, there was a cheerful mood on Wall Street, and in the world markets in general. Yesterday there was a broad rise.
The stock market week is characterized by quarterly results from many large and well-known companies. After closing time this evening, Facebook and Instagram owner Meta presents figures.
Income drop for Tesla
The electric car manufacturer presented quarterly results that were weaker than expected after closing time on Wall Street yesterday.
Revenue fell to $21.3 billion in the first quarter. It was the first drop in revenue for Tesla in nearly four years. Previously, the company had presented disappointing sales figures, which showed that Tesla only delivered 386,810 cars in the quarter.
Profit after tax also fell more than expected to 1.13 billion dollars. It was almost a halving of the profit from the same time last year.
The Tesla share nevertheless gets an upswing, and rises 10.7 per cent at 6 p.m.
The electric car manufacturer promised in the report to speed up the launch of new cars, including cheaper models. Previously, production had been announced to start in the second half of 2025.
CEO Elon Musk said at the investor presentation that Tesla plans to start production for new models “early in 2025, if not later this year”, writes CNBC.
