Tesla Stock Just Dropped A Massive BOMBSHELL, Tesla Stock Will Double in 2022(DAN IVES ON TESLA)

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  • Published on:  Tuesday, July 26, 2022
  • Tesla Inc. has been going through “supply chain hell,” but Elon Musk believes the electric-car maker stands a chance of emerging from it in the second half of the year.

    The chief executive officer tempered his optimism while discussing Tesla’s better-than-expected earnings, emphasizing how challenging it’s been to secure parts and materials. Tesla sold roughly 75% of its Bitcoin holding due to concerns about the company’s liquidity last quarter, when its Shanghai plant shut for weeks.

    “We have the potential for a record-breaking second half of the year,” Musk said on a call with analysts Wednesday. “The past few years have been quite a few force majeures, and it’s been kind of supply chain hell for several years.”

    Tesla shares rose 4.6% to $776.48 as of 9:45 a.m. Thursday in New York. The stock is down about 27% this year.

    esla left unchanged its plan to increase vehicle deliveries by 50% on average annually over multiple years. It will have to pick up the pace to hit that mark in the second half, as issues ranging from supply shortages and labor to logistical problems kept its factories from running at full capacity.

    “They are maintaining their 50% growth rate, which is a bit of a surprise. I thought they might back off from that,” said Gene Munster of Loup Ventures. “They are doing a good job navigating a difficult environment.”

    Tesla posted adjusted earnings of $2.27 a share, besting the $1.83 a share average of analysts’ estimates compiled by Bloomberg. That was below the $3.22 per share Tesla made in the first quarter, marking the first sequential profit decline since the end of 2020.

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