Tesla's stock plunged by over 7% on Thursday following unclear remarks from CEO Elon Musk and other top executives regarding the automaker's latest Cybertruck and a future robotaxi model. This tumble could mark the worst single-day performance for Tesla's stock in the last three months.
Musk hinted at potential production hiccups in the third quarter, noting "we've got summer shutdowns" for several "factory upgrades." However, he affirmed the company's goal to hit 1.8 million vehicle deliveries for the year.
The financial world showed unease over Tesla's shrinking profit margin, now at 9.6%, the lowest in the last five quarters. Mark Delaney of Goldman Sachs speculated that Tesla might face further margin pressure if the company reduces prices to boost sales volumes.
Even though the automaker's stock slightly rebounded from its overnight lows, it still lagged behind Wednesday's closing price of $291.26. Despite these setbacks, Tesla's Q2 results surpassed expectations, posting $24.93 billion in revenue and adjusted earnings of 91 cents per share for the quarter ended June 30, 2023.
Earlier in the month, Tesla revealed total vehicle deliveries of 466,140 units for the second quarter. But Musk's vague comments on the upcoming Cybertruck's production numbers raised eyebrows. He promised high-volume production next year but did not provide exact delivery numbers for 2023.
The company's earnings report confirmed that the factory preparation for Cybertruck production is on schedule, yet the vehicle is still in the "release candidate" phase of production.
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