Tesla (NASDAQ:) released its long-awaited first quarter 2024 financial report on Tuesday, and the electric vehicle specialist reported its biggest sales decline since 2012, with first-quarter profits falling 9%, failing to meet financial analysts’ forecasts. He said he couldn’t do it.
Despite disappointing financial results, Tesla’s stock price rose significantly in premarket trading. This was influenced by CEO Elon Musk’s comments that production of new low-cost electric vehicle models could begin early.
Shares were up more than 12% before trading began.
Elon Musk has stated that Tesla aims to begin the manufacturing process for these new models “in early 2025 or later this year,” sooner than the second half of 2025 previously expected.
The billionaire also discussed Tesla’s investment in artificial intelligence systems and noted that the company is currently negotiating with a “significant automaker” to license its fully self-driving (FSD) driver assistance technology.
“In a much-needed conference call last night, Elon Musk provided leadership and established the foundation of Tesla’s expansion strategy, including the introduction of affordable vehicles scheduled for production and distribution in 2025,” Wedbush financial analysts said in a report. .
“By 2024, the skeptics were right and prevailed in this debate…. However, we believe that the upcoming stages of Tesla’s growth story and vision for autonomous vehicles are now taking shape, which is a key focus of our optimistic investment outlook going forward. “I’m sure it is,” they continued.
Wedbush maintained its positive ‘outperforming market’ rating on TSLA, but lowered its price target from $300 to $275.
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