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Tesla's Earnings Should Be Better in Q4 - Short TSLA Puts Now for Income
November 19, 2023 — 10:26 am EST
Written by Mark R. Hake, CFA for Barchart ->
Tesla (TSLA) produced mediocre results for Q3, but at least it generated positive free cash flow. The numbers should be much better in Q4. Meanwhile, near-term out-of-the-money (OTM) put options are looking worth selling short as an income play.
Tesla said its automotive revenue was up just 5% year-over-year (YoY) during Q3, and total revenue was up just 9%. This was after automotive revenue rose 46% YoY in Q2 and total revenue was up 47%.
This was partly due to price decreases, lower sales transaction volume, and lower production.
Tesla Q3 2023 revenue - Slide Deck
However, at least it still generated positive free cash flow (FCF). During Q3 it made $0.8 billion in FCF, after having made $1.0 billion in FCF during Q2. Its FCF margin was 3.4%, after making 4.0% in Q2.
Moreover, analysts seem to be more positive about Q4. For example, after making 66 cents in adjusted non-GAAP earnings per share (EPS) in Q3, analysts now forecast 73 cents for Q4. That represents a 10.6% potential gain in EPS.
Moreover, analysts expect to see $25.7 billion in total revenue, up 9.5% from the $23.35 billion in sales during Q3.
TSLA Stock Reflects All the Pessimism
TSLA is down over $20 in the last month as of Friday, Nov. 17, when it closed at $234.30. That represents a drop of 8.1%. However, from its peak of $293.34 on July 18, TSLA stock is off $59.04, or -20.1%.
That means that investors have already discounted a lot of bad news that occurred during Q3. They may not be looking forward to better numbers in Q4 just yet.
As a result, put option premiums are now extra high. In other words, investors have pushed up prices of puts assuming the stock has further to fall. This is despite analysts' better projections for Q4.
That means investors can take advantage of this pessimism by selling short near-term out-of-the-money (OTM) puts to generate extra income.
Shorting Near-Term OTM Puts as an Income Play
For example, look at the expiration period ending Dec. 8, which is 3 weeks from now (20 days). It shows that the $220 strike price puts trade for $4.35 on the bid side.
That means that any short seller of these puts makes an immediate 1.98% yield for just 3 weeks until expiration.
TLSA Puts - Expiring Dec. 8 - Barchart - As of Nov. 17, 2023
Here is what that means exactly. An investor must first secure $22,000 in cash and/or margin with their brokerage firm. Then they enter an order to “Sell to Open” 1 put contract at the $220 strike price. The account will then immediately receive $435. So, that works out to 1.98% of the $22K invested.
Moreover, if the investor can repeat this trade every 3 weeks for a year with the same $22,000, they could theoretically make $7,395. That is because there are 17 three-week periods in a year. So, this implies an expected return of 33.6% (i.e., $7,395/$22,000).
Managing Downside OTM Put Short Play Risks
Keep in mind that this $220 strike price is only 6.1% out-of-the-money (OTM) - i.e., below the existing spot price of $234.30. TSLA could easily drop this much in the next three weeks.
However, at least the breakeven level is lower than the strike price. For example, after subtracting the $4.43 received from the short sale from the strike price, the breakeven level falls to $215.57. That is 8.0% below today's spot price.
After that, if TSLA stock falls lower than $215.57, the investor incurs an unrealized loss. They would be forced to use to the $22K to purchase 100 shares of TSLA at $220. At least they can hold the shares and wait for TSLA stock to rise. Or they could potentially sell OTM calls against those shares to increase income and lower the unrealized loss.
Nevertheless, one way to reduce risk is to buy puts at a lower OTM strike price. For example, the $210 puts trade for $2.54 in the mid-price. That means an investor buying those puts with the $4.43 received shorting the $220 puts has a net credit of $1.89 per contract. That also reduces the potential downside risk.
However, the breakeven price is now just $218.11 (i.e., $220-1.89). That is just 7.0% below today's price for the next 3 weeks. Moreover, the investor is exposed to more risk until it drops to $210.
One way to improve this situation is to watch the situation and later sell the $210 puts for income (remember the investor bought the puts as a long hedge). This would be done once it becomes reasonably clear that TSLA stock might now fall anywhere near $210 during the next 3 weeks. That would improve the overall return.
Another very conservative way to play this is to short the $210 puts for $2.34 on the bid side. That works out to a very reasonable 1.11% immediate yield (i.e., $2.34/$210). Moreover, the breakeven level would be $207.66, or 11.4% below today's price. Less risk-averse investors might want to choose that play.
Good chance for $600+ after earnings report
Tesla Preparing Full Self-Driving Update And It's Going To Be A Big One
NOV. 18, 2023 11:23 AM ET
BY CESAR MIGUEL
LEAKED
/ 4 COMMENTS
According to a leaked document, the update will improve self-parking, auto-pilot responsiveness, and safety.
After rolling out the Full Self-Driving (FSD) Beta 11.4.7 in October, a recent leak indicates that Tesla is about to follow up with a newer patch that promises to improve the park assist and object detection, and make activating autopilot easier, among other upgrades.
The FSD Beta 11.4.8 release notes were leaked by user darwizzy333 on Reddit, but they are not official as of yet. Tesla hasn't announced the exact date when the update will be rolled out.
The update notes state that activating the autopilot will change from two stalk presses to just one. It also improves the vehicle's video processing with a new module, thus improving visual information processing.
Tesla beats lawsuit claiming it monopolizes repairs, parts
Defend Free Speech, Buy $TSLA
written by S. Jack Heffernan Ph.D November 17, 2023
In a world where voices are sometimes stifled, one entrepreneur has emerged as a symbol of unfiltered expression – Elon Musk. The CEO of Tesla and SpaceX, Musk has not only revolutionized the electric vehicle and space industries but has also become a vocal advocate for free speech, challenging conventional norms and sparking debates on the importance of open dialogue.
Musk’s journey with Tesla has been nothing short of remarkable. From transforming the automotive landscape with electric cars to pioneering advancements in renewable energy, Tesla has become synonymous with innovation. However, beyond technological breakthroughs, Musk’s impact extends to the realm of free speech advocacy.
In an era where public figures often tread carefully on social and political issues, Musk has embraced a different approach. His unfiltered and sometimes controversial tweets have made headlines, prompting discussions on the responsibilities of influential figures in the age of social media.
For individuals looking to align their investments with values that go beyond financial returns, buying Tesla stock may be seen as a way to show support for free speech. As the company navigates the complex landscape of business, technology, and societal discourse, it stands as a unique entity shaped by the ethos of its outspoken leader.
In essence, investing in Tesla becomes more than a financial decision – it becomes a statement in favor of unrestricted dialogue and the celebration of diverse perspectives. Elon Musk’s influence on Tesla goes beyond electric cars and space exploration; it represents a commitment to a world where ideas can be expressed freely, challenging us to reconsider the boundaries of speech in the digital age.
Elon Musk Faces a Wave of Criticism: Is Free Speech Under Threat?
In recent times, Tesla and SpaceX CEO Elon Musk has found himself at the center of a storm of criticism, raising questions about the nature of free speech in Western society. Musk, known for his outspoken and often controversial statements on social media, has become a lightning rod for debates around the boundaries of free expression and the consequences faced by public figures.
The attacks on Musk, however, extend beyond mere disagreements with his views. Some argue that the intensity of the criticism reflects a growing trend of suppressing dissenting voices, potentially posing a threat to the cornerstone of Western civilization – free speech.
Elon Musk’s penchant for using platforms like Twitter to express unfiltered opinions on various topics, from technological advancements to societal issues, has made him a polarizing figure. While many applaud his transparency and engagement with the public, others view his statements as erratic and, at times, insensitive.
Recent incidents involving Musk, including his comments on the COVID-19 pandemic and cryptocurrency, have triggered waves of backlash. Critics argue that the intensity of the criticism and calls for punitive actions, such as removal from social media platforms, reflect a concerning trend of silencing individuals with dissenting opinions.
Free speech has long been considered a fundamental right in Western democracies, allowing individuals to express their ideas, opinions, and criticisms without fear of censorship or punishment. However, the digital age has brought new challenges, with social media platforms becoming influential arenas for public discourse.
The question arises: does the criticism against Musk represent a genuine concern for responsible discourse, or does it signal a more insidious erosion of free speech values? Some argue that attempts to silence Musk reflect a broader trend of stifling diverse perspectives in favor of conformity to certain narratives.
It’s crucial to distinguish between holding individuals accountable for misinformation and suppressing free speech. The former is a necessary aspect of responsible communication, ensuring that public figures are mindful of the potential impact of their words. The latter, however, raises concerns about the chilling effect on open dialogue and the diversity of thought.
As debates around Elon Musk’s statements continue, they serve as a microcosm of larger discussions about the role of free speech in the contemporary digital landscape. Navigating the fine line between accountability and censorship is a complex task, and finding a balance that upholds democratic values while addressing legitimate concerns remains an ongoing challenge for societies built on the principles of free expression.
Shayne Heffernan
It's just simply uneducated to draw conclusions based on MSM articles. Here's Elon's latest post:
As I said earlier this week, “decolonization”, “from the river to the sea” and similar euphemisms necessarily imply genocide.
Clear calls for extreme violence are against our terms of service and will result in suspension.
He's a racist? You do know he's part Jewish, right? The world is upside down and I'm old enough to remember when it was normal.
I'd rather have a CEO like Musk as opposed of a woke CEO offended by anything and everything. Tesla's success speaks for itself.
Tesla Full Self-Driving presents billions in growth by 2030, firm says
(CREDIT: TESLA)
ByJoey KlenderPosted on November 16, 2023
Tesla’s Full Self-Driving suite could potentially be worth billions of dollars a year in revenue by the end of the decade. That’s what Mark Delaney of Goldman said in a note to investors, as the analyst put his own synopsis of what the FSD suite could achieve for shareholders moving forward.
Tesla stock (NASDAQ: TSLA) has already had a good week, and is up nearly 14 percent over the past five trading days.
Although shares of the EV maker’s stock have ballooned 912 percent over the past five years, permabulls and true believers of Elon Musk and Tesla have said that they have no intentions of selling their shares, all because they believe more monumental growth is coming in the next few years.
Scaling EV sales through new projects, like the mass market $25,000 car that will be available in several markets, the licensing of FSD, and even the revenue that will come from car buyers that opt to add the suite to the purchase of their Tesla EV, are all factors in this potential growth. Tesla is already eyeing up its next Gigafactory location, and there are several highly attractive candidates.
But while production increases are expected, the true growth could come from the FSD suite, which Tesla plans to use to transform and revolutionize passenger transportation.
Not only will drivers be able to have their cars drive them to their destinations, but they will also be able to make tens of thousands of dollars per year by having their car operate as a Robotaxi, enabling a money-making ridesharing service that brings home the bread while the car owner sleeps.
Delaney’s synopsis of FSD and what it could do for Tesla’s balance sheet by the end of the decade is simple and outlines an explicit path to more revenue for the company (via Yahoo!):
“We believe that Tesla’s software-related revenue could be tens of billions of dollars per year by 2030 (mostly from FSD). These scenarios suggest that in an upside case FSD could account for tens of billions of revenue per year (and more if we consider licensing of Dojo or selling FSD to other OEMs).”
As a business, Tesla operates an automotive and energy division, but selling or licensing its FSD software would make it a software company as well if it already is not considered one on the developments of FSD and how it handles data from its vehicles.
On the high end, Tesla could bring in $625 billion in revenue from vehicles, software, energy, and services. On the low end, Delaney and Goldman believe $315 billion is accurate.
“This [auto sales] could account for ~$525-600 bn of revenue. We believe services could be >$150 bn as Tesla’s installed base grows (and from opening its charging network and insurance). We believe energy, software, and robotics would make up the balance (or provide upside),” Delaney also wrote in the note.
The cozy relationship between Elon Musk’s Tesla Inc. and China was on display again on Wednesday when President Xi Jinping expressed support for the US carmaker in China and Musk in turn expressed his gratitude for that warm reception.
According to a Weibo post from Tesla’s official China account, Musk, the CEO of Tesla, attended a banquet on the evening of Nov. 15 to welcome Xi, who’s in San Francisco to meet and hold talks with US President Joe Biden as part of this week’s Asia-Pacific Economic Cooperation leaders’ meetings.
Still stops
Cathie Wood Praises Tesla's Robot Army, AI Data: 'Legacy Autos Are Pulling Away'
by
Ada
Ark Invest's Cathie Wood believes Tesla Inc
What To Know: Tuesday on CNBC's "Squawk Box," Wood stressed the importance of Tesla's access to proprietary data.
"Five million robots around the world collect data every day and send it back to Tesla," Wood said, referring to the company's vehicles.
"Tesla has more corner cases, which means disengagements, accidents, information like that, than all of the other companies in the world combined."
AI relies on data and Tesla has a lot of it. Recent breakthroughs in AI are "astounding," Wood said, adding that as AI advances, we get closer and closer to fully autonomous vehicles.
"Autonomous taxi platforms are the biggest AI project in the world, therefore we think Tesla is the biggest AI player," Wood said.
Ford and GM have both recently pulled back on their EV strategies, citing profitability concerns. Wood told CNBC that the legacy automakers can't produce EVs and be profitable without scaling.
"As they are pulling away, our market share expectations for Tesla go up," the Ark Invest CEO said.
As long as Ark's autonomous advantage thesis remains intact, Tesla will remain a top five holding in the firm's flagship fund, Wood said.
At the time of writing, Tesla was the third-largest holding in Ark's Innovation ETF with an 8.59% weighting.
Tesla is allowed to ban union shirts on production line, says appeals court
Buying opportunity before blow out earnings next week
Chinese EV maker Xpeng's operating loss widens on costs tied to production ramp-up
6:45 AM ET, 11/15/2023 - Reuters
Nov 15 (Reuters) - China's Xpeng posted a wider-than-expected quarterly operating loss on Wednesday due to costs stemming from a production ramp-up, sending the U.S.-listed shares of the electric vehicle maker down 2.5% in premarket trading.
Smaller Chinese EV makers such as Xpeng and Nio are trying to compete with Tesla on their home turf, but their ride so far has been bumpy given the massive costs involved in bolstering production and launching new cars.
Operating loss for the third quarter stood at 3.16 billion yuan($436.33 million), compared with the estimates of 3.79 billion yuan, according to five analysts polled by Visible Alpha. Its year-earlier operating loss was 2.18 billion yuan.
Revenue for the quarter came in at 8.53 billion yuan, missing analysts' estimates of 8.55 billion yuan.
The company expects deliveries in the fourth quarter to grow at least two-fold to between 59,500 and 63,500, as it places huge bets on the G6 sport utility vehicle, which looks to compete with Tesla's Model Y.
Xpeng expects revenue for the current quarter to be between 12.7 billion yuan and 13.6 billion yuan, above estimates of 12.10 billion yuan.
Like in Europe all trades should be official.
JUST IN : WARREN BUFFET HAS BOUGHT A MYSTERIOUS STOCK AND HE IS REQUESTING THE PERMISSION OF THE SEC TO KEEP THE STOCK’S NAME AND DETAILS CONFIDENTIAL FROM THE PUBLIC
Goldman Sachs sees Tesla (TSLA) as a potential leader in AI-related tech
SKYX Platforms (SKYX), doing business as SKYX Technologies, reported a Q3 loss late Monday of $0.08 per share, widening from a loss of $0.07 a year earlier.
A sole analyst polled by Capital IQ expected earnings of $0.01 per share.
Nov 13 (Reuters) - Electric-vehicle startup Fisker slashed its 2023 production guidance on Monday as it struggles to ramp up deliveries and flagged weakness in internal controls over financial reporting, sending its shares down 14% after the bell.
Fisker now expects production of 13,000 to 17,000 electric vehicles in 2023, down from its prior projection of 20,000 to 23,000 vehicles to make sure the company does not sit on too much inventory and to better manage working capital.
"This may be short-term pain and it may not be something that Wall Street wants to hear but it is extremely responsible for us, and it is essential for us that we do this for the long term," Chief Financial Officer Geeta Fisker said on a post-earnings conference call.
Fisker had already cut its production forecast in August, blaming a key supplier that needed more time to lift capacity, and on Monday said that though supply chain had stabilized it still expects "the occasional bottleneck" from a few suppliers going ahead.
Fisker's latest cut comes amid fears of a slowdown in EV demand, with market leader Tesla CEO Elon Musk warning that high interest rates, meant to cool stubborn inflation, are souring consumer sentiment and cautious commentary from Ford and General Motors.
Last week Luxury EV maker Lucid also slashed its production forecast to align with the lower number of deliveries.
Fisker cut prices of its high-end Ocean Extreme SUV last month, joining peers in a profit-sapping price war sparked by Tesla to stoke demand.
But Fisker said it was limited by its delivery and service infrastructure rather than production and demand, tough it acknowledged the impact of high interest rates on consumer spending.
"We have not been able to follow through with deliveries fast enough," CEO Henrik Fisker said on the call.
"People have paid and are waiting for their cars, and some of them are really getting annoyed," he said, adding that Fisker was hiring 20-30 people a week, getting more logistics partners and opening new facilities in an effort to ramp up deliveries.
Fisker said it delivered 1,200 vehicles in October, more than the 1,097 it delivered in the third quarter, and was on track to deliver even more cars this month.
Revenue for the third quarter was, however, lower than analysts' expectations at $71.8 million with a larger-than-expected loss of $91 million.
Fisker had delayed its results from Nov. 8, citing the departure of its former chief accounting officer and on Monday said it had "determined that it has material weaknesses in the company's internal control over financial reporting."
The issues were related to complex accounting in multiple countries, involving convertible notes, derivatives as well as raw material and finished goods inventory in the contract manufacturing of its vehicles, Fisker said, adding that it was hiring experts to better address the issues.
None of the revenues from proprietary products, all sales from websites of lamps
Warren
This year is my best guess
FSD is almost perfect, some situations still where it's not sure how to proceed
Tesla (TSLA) Stock: Reasons to Buy The Pullback
CONTRIBUTOR
Richard Saintvilus
PUBLISHED
NOV 13, 2023 8:07AM EST
Investors who have held Tesla (TSLA) stock over the past thirty days have begun to question that decision. Its shares have fallen almost 20% over the past month, which puts the stock in negative territory in the trailing three months, during which it has fallen 13.5%, while the S&P 500 index has fallen just 2.25%.
Since the electric vehicle maker reported its third quarter earnings on October 18, TSLA stock has given up as much as 20%, falling to a low of $194. While the stock has recovered since then, reaching $214 as of Friday's close, there’s still a 30% gap from its 52-week high of $299. All of this, however, should be presented in the context of the fact that Tesla is still out-performing the market on a year-to-date basis, rising 74%, while the S&P 500 index has risen 15% year to date.
For investors who are waiting for the dust to settle, there are still plenty of reasons to expect Tesla stock to march higher. The stock has gotten grossly oversold as a result of Tesla missing Q3 estimates on both earnings and revenue for the first time in three years. While Wall Street continues to focus on the company’s pricing challenges and headwinds related to its Cybertruck, the market has seemingly overlooked the positives the company announced in its Q3 earnings report.
First, let’s focus on the company's revenue, which has grown over the past decade to the projected $92 billion this fiscal year, up from just $1.7 billion. For some context, that revenue growth equates to a compound annual rate of almost 50%. If that is not impressive enough, Tesla management expects that growth rate to continue until 2030. Assuming Tesla’s revenue growth takes a slight dip to, say, 30% annually, that still puts the company’s projected revenue total to north of $500 billion in the next decade. Will there be any question at that point where Tesla ranks among EV auto manufacturers?
Unlike Tesla’s EV competitors, Tesla over the next five years is poised to show revenue growth in higher-margin service businesses. Again, while the market is focused on the near-term headwinds revealed in the Q3 earnings report, it was noteworthy that Tesla's management spent a significant amount of time discussing high-margin services such as its Full Self-Driving (FSD) software, which is poised to reenergize the company’s profit margins once it is fully operational.
The company is betting heavily on FSD, which will be the birth of the autonomous vehicle evolution. The platform is designed to automate Tesla vehicles so they can operate without a driver behind the wheel. Tesla's FSD is at Level 3 automation (conditional driving automation), which means a driver should be engaged at all time. However, once FSD can navigate autonomously, it will not only boost Tesla’s profit margins, it will be a profit center of recurring revenues for Tesla through the company’s ambition for Robotaxis.
Tesla is aiming to take a bite out of Apple’s (AAPL) playbook of how it grew its higher-margin services business. Apple’s Services division which includes subscriptions, warranties, licensing fees, and Apple Pay is expect to post almost $60 billion in total revenue in fiscal 2023, equating to 17% of Apple’s total revenue of $360 billion. In the case for Tesla, its efforts to monetize its FSD feature by licensing the FSD software to other EV makers, can be just as lucrative.
Essentially, Tesla’s current competitors may become the company’s partners. In that vein, the market has seemingly forgotten that Tesla's superchargers have essentially become North American standard. Tesla announced charging deals with both General Motors (GM) and Ford (F) which hints of the sort of consolidation that will further drive Tesla’s dominance in the EV space. Tesla’s increased focus on in building profitable services will be its main growth driver. As such, with Tesla stock currently trading at $214, now’s an ideal time to buy.
Tesla signs deal with 2nd gas station operator to sell its Supercharger directly
Avatar for Fred Lambert
Fred Lambert
| Nov 13 2023 - 3:49 am PT
5 Comments
Tesla Supercharger V4 official
Tesla has signed a deal with the EG Group, a massive gas station and convenience store operator, to sell its Supercharger hardware to be deployed as an EG-branded product.
It’s the second of such deals that Tesla has made in just a few weeks.
Last month, Tesla surprised many when it announced it reached a deal with BP to sell them $100 million worth of Supercharger hardware to be deployed at BP gas stations across the US under the BP brand.
It marked one of the rare times that Tesla has sold Superchargers to third-parties and the first time it has done it on such a large scale.
In the announcement, Rebecca Tinucci, Tesla’s head of charging infrastructure, said that this is a new business that Tesla is entering.
It didn’t take long to confirm that.
Today, EG Group announced that it signed a deal with Tesla to buy Supercharger units:
“EG Group is pleased to announce that it has agreed to a deal to acquire Tesla’s latest ultra-fast charging units for EG’s rapidly growing ‘evpoint’ business across the UK and Europe.”
Not unlike the BP deal, EG Group confirmed that the stations would not be branded Tesla Superchargers, but their own branding, which is ‘evpoint’.
They wrote i a press release:
The chargers will be branded “evpoint” and will leverage Tesla’s industry leading technology.
The hardware will operate on an open network basis, meaning that all drivers will be able to access evpoint chargers regardless of the brand of vehicle they drive.
The chargers will also support the Plug and Charge protocol, which simplifies and automates payments.
The first of the new charger units are expected to be rolling out before the end of the year.
Unlike the BP deal, EG Group nor Tesla revealed the size of this deal.
However, Imraan Patel, Chief Strategy & Business Officer of EG Group, noted that the company currently has 600 EV chargers and plans to have more than 20,000:
“Our aim is to deliver a three-pronged strategy to help us reach our energy transition goals. These include EV charging, supporting alternative forms of vehicular fuel, and broader carbon reduction, all of which are central to our strategy of helping the world transition to a lower carbon future. We have made significant progress to date on EV charging, with more than 600 chargers across 189 sites already deployed and a pipeline prepared with an ambition for evpoint to roll out more than 20,000 chargers across c.3,600 of our own sites over time with opportunities across third party locations also being pursued.”
EG Group operates over 6,000 sites across several markets:
Rebecca Tinucci, Tesla’s Senior Director of Charging Infrastructure, commented on the deal:
“The rapid installation of reliable, easy-to-use EV charging infrastructure is the right step towards a sustainable future and a key area of focus for us at Tesla. For this reason, we’re excited to make our fast-charging hardware available for purchase to EG Group, and other leaders in the space.”
It sounds like more of these deals could be coming in near the future.
Is this a penny stock tomorrow?
Tesla Model 3, Y leads US EV market in 1st nine months of 2023: Report
Sun, Nov 12 2023 12:41:44 PM
San Francisco, Nov 12 (IANS): Elon Musk-run Tesla vehicles have led US electric vehicle (EV) registrations by a significant margin during the first nine months of this year, a new report has shown.
According to vehicle registration data from Experian, the Tesla Model Y and Model 3 were the two most registered EVs in the US between January and September, far outnumbering their competitors.
EV registrations during the period accounted for 7.4 per cent of the total market, up from 5.2 per cent during the same nine-month period in 2022.
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The news was first reported by Automotive News.
Tesla had a commanding lead by brand, with 489,454 EVs registered in the US during the period, representing a 41 per cent increase year over year.
Following Tesla were Chevrolet (50,160) and Ford (46,547) in second and third place, respectively, with total EV registrations totalling 852,904, up 61 per cent (year on year), the report showed.
Tesla registrations were dominated by the Model Y (293,398) and Model 3 (165,543), with the Model X ranking eighth. The Model S did not make the top ten list.
The report also suggested that, if current trends continue, 2023 could be the first year in which EV sales in the US exceed one million.
Meanwhile, Tesla might start rolling out on Indian roads soon as the Centre is ramping up the process to provide all the necessary approvals from the concerned departments by January 2024 for its entry into the country.
According to the reports, the Prime Minister's Office (PMO) held a meeting with top officials recently to review the upcoming phase of EV manufacturing in the country, including Tesla's investment proposal.
SAIC-GM partner with Tesla for supercharger access in China
3 Reasons to Buy Tesla Stock Hand Over Fist
By Will Ebiefung – Nov 10, 2023 at 8:45AM
KEY POINTS
Intense macroeconomic pressures are weighing down on Tesla's recent results.
But the EV maker is uniquely well-positioned to survive these headwinds.
At the same time, it's investing in new growth drivers.
Motley Fool Issues Rare “All In” Buy Alert
Tesla super bull Dan Ives on why he believes a nearly 50% rally is ahead
Dan Ives, Wedbush managing director, joins ‘Fast Money’ to talk his bullish position on Tesla.
Utter BS. Just wait for Q4.
3 EV Stocks With Potential to 10X in the Next Decade
Here are three EV stocks to buy for long-term gains
2h ago · By Will Ashworth, InvestorPlace Contributor
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These EV stocks could 10x over the next 10 years.
BYD (BYDDY): The company is nipping at Elon Musk’s heels.
Tesla (TSLA): It remains the gold standard for electric.
Volkswagen (VWAGY): Volkswagen brings global scale to the EV game.
JUST RELEASED: 7 Top AI Stocks to Buy for 2024
EV stocks to buy - 3 EV Stocks With Potential to 10X in the Next Decade
Source: shutterstock.com/Alexander Steamaze
Despite all the negative talk about electric vehicles (EVs) in 2023, Tesla (NASDAQ:TSLA) stock isn’t doing too badly, up 105%, more than double the Nasdaq-100. Yet all anyone seems to be able to talk about is how toxic EV stocks are heading into 2024.
The reason for the negativity involves the slowing demand for EVs.
“We’re taking immediate steps to enhance the profitability of our EV portfolio and adjust to slowing near-term growth,” Reuters reported GM CEO Mary Barra’s comments to analysts.
Elon Musk suggested on his company’s conference call that higher interest rates make it harder to find buyers willing to part with their hard-earned capital. All across the industry, car company executives have sounded the alarm bells.
However, the data suggests things aren’t so bleak.
“EV sales are growing, however. They topped 300,000 units in the United States for the first time in the third quarter, according to a Cox Automotive report. They rose 14.3% in September in the European Union and 22% in China, the world’s largest EV market,” Reuters reported.
Lucid has reported Q3 earnings and cut their production guidance for 2023 by up to 20% to 8,000-8,500 (from 10,000).
• EPS: -$0.28 vs -$0.36 est.
• Rev: $137M vs $177M est (down 30% YoY)
• Net Q3 loss: $631M (up 19% YoY)
Loss per EV sold (as of end of Q3 2023):
• Lucid: $433,000
• Rivian: $30,600
• Ford: $36,000
Rivian lost $30,648 for every vehicle that they delivered in Q3 2023 (vs $33k in Q2).
Overall, the company averaged a net loss of $14.8M per day in Q3.
Just getting the news out 😁
we saw noteworthy options trading volume today in Tesla Inc (Symbol: TSLA), where a total of 1.0 million contracts have traded so far, representing approximately 103.4 million underlying shares. That amounts to about 86.9% of TSLA's average daily trading volume over the past month of 119.1 million shares. Especially high volume was seen for the $220 strike call option expiring November 10, 2023, with 73,995 contracts trading so far today, representing approximately 7.4 million underlying shares of TSLA.
Tesla debuts Germany's first operational V4 Supercharger
Tesla is hiring a bunch of designers so it can start selling humanoid robots by 2027