Bad numbers for Tesla are depressing the market value and thus also the fortune of Elon Musk (52).
The Electric car manufacturer fell short of investors’ expectations in the last quarter. Although sales rose by three percent to 23.6 billion euros, experts had expected 23.8 billion euros. So around 200 million euros less.
Even worse: Tesla did not provide any forecast for deliveries for the current year. Only the forecast that the number would grow more slowly than last year, the electric car manufacturer had managed 1.8 million units. Analysts had hoped for a forecast of 2.1 million units for 2024. That’s 300,000 units less.
Tesla expects significantly lower sales this year
Was able to win Musks The company more than doubled from around 3.4 to 7.3 billion euros. However, this was only possible through a one-off tax advantage. For the coming year, Tesla dampened hopes of further rising numbers due to “significantly lower” sales expectations for 2024.
Adjusted for the tax advantage, profits were even lower than the previous year. Also because the company offered large discounts on its cars in order to increase sales.
Nevertheless, the fast-growing Chinese electric car manufacturer “BYD” overtook Tesla in sales figures in the fourth quarter.
Tech billionaire and Tesla boss Musk on competition from China: “If there are no trade barriers, they will pretty much destroy most other car companies in the world.”
This leaves 65 cents (71 US cents) per share, which was around 39 percent less than in the previous year. The Stock market now punished this with a price loss of more than three percent.
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