BarcelonaSweet moment for Tesla. Shares of the electric carmaker rose on Wednesday after the company reported better-than-expected quarterly profit and forecast “slight growth” in deliveries this year and a big jump in 2025. The performance marks a turnaround for Tesla after several weak quarters due to the slowdown in global demand for electric vehicles, reports the Financial Times. The company has also been caught up in the political activism of its CEO, Elon Musk, and in a court battle to restore his $56 billion (€51.857 billion) stock option package.
It was Musk himself who predicted that sales could grow by 20% to 30% next year after cost cuts lower the prices of existing cars, which would spur demand. Its founder also talked about the impact of monetary policy: lower interest rates are reducing monthly financing payments, and that’s also supporting demand.
Tesla shares rose 12% in after-hours trading, half of their three-year high. The American company is the world’s largest electric car maker and also the most valuable car producer, with a market value of $669 billion (€619.516 billion). Tesla also raised revenue 8% from a year ago to $2.5 billion (2.315 billion euros), beating expectations by $400 million, according to a company filing, the Financial Times. Profits were driven by a 2% rise in vehicle sales revenue, which contributes four-fifths of the group’s revenue, along with a 52% rise in its power generation and storage business and a 29% increase in its services branch, which includes its supercharging network.
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The company has focused on autonomous driving, artificial intelligence and robotics, with the expectation that these technologies will soon be Tesla’s main sources of revenue and increase its valuation. In fact, it recently unveiled a prototype for a new fleet of Cybercabs autonomous driving that it hopes to have in production before the start of 2027.
These new forecasts contrast with the lack of engineering or financial details during the We, Robot event – held at a film studio in Los Angeles, where Tesla’s Optimus humanoid robots danced to Daft Punk and served beer to attendees – , which disappointed analysts and investors and the stock fell 9% afterward, explains the Financial Times.
All this comes amid the tycoon’s full involvement with the campaign of the Republican presidential candidate, Donald Trump. Musk recently promised to give away $1 million a day to registered voters in the most contested states. A campaign that has led to a warning from the United States Department of Justice, which has warned that this practice could be illegal.
Source: www.ara.cat
