Current:Home > InvestTesla stock price falls after quarterly earnings call reveals 15% profit decline-LoTradeCoin
Tesla stock price falls after quarterly earnings call reveals 15% profit decline
View Date:2024-12-23 18:36:59
Tesla said that it is "between two major growth waves" and projected that "vehicle volume growth rate may be notably lower" in its fourth quarter presentation to investors Wednesday.
The firm announced that it delivered 1.8 million cars in 2023, a nearly 40% increase over 2022. Over 1 million of the cars sold were the Model Y.
The company hinted at a new model in its volume outlook saying that they believe a growth wave will start with, "the global expansion of the next-generation vehicle platform."
The report showed that gross profit fell 15% year over year and margin for the quarter was 17.6%.
The company cut the price of its cars last year.
The company said that artificial intelligence research and the production ramp up of the Cybertruck negatively affected the company's profitability.
Tesla stock price
Tesla shares fell in after-hours trading after the release of the report. The price fell 2% from the $207.83 close which was already down .6% on the day. The stock has fallen 16.4% on the year.
veryGood! (25)
Related
- How to protect your Social Security number from the Dark Web
- Luis Rubiales, Spain's soccer federation boss, faces sexual assault lawsuit for Jenni Hermoso kiss
- Explosion at Archer Daniels Midland facility in Illinois injures employees
- Ashton Kutcher, Mila Kunis address 'pain' caused by Danny Masterson letters: 'We support victims'
- Are banks, post offices, UPS and FedEx open on Veterans Day? Here's what to know
- Michael Bloomberg on reviving lower Manhattan through the arts
- 'Great gesture' or 'these really are awful?' Readers are divided over the new Walmart cart
- Some authors will need to tell Amazon if their book used AI material
- Certifying this year’s presidential results begins quietly, in contrast to the 2020 election
- Watch the precious, emotional moment this mama chimp and her baby are finally reunited
Ranking
- College Football Playoff bracket: Complete playoff picture after latest rankings
- 11 hurt when walkway collapses during Maine open lighthouse event
- Nightengale's Notebook: Christian Walker emerging from shadows to lead Diamondbacks
- Pee-wee Herman Actor Paul Reubens' Cause of Death Revealed
- Amtrak service disrupted after fire near tracks in New York City
- Biden's visit to Hanoi holds another opportunity to heal generational trauma of Vietnam War
- Electric cars have a road trip problem, even for the secretary of energy
- Several wounded when gunmen open fire on convoy in Mexican border town
Recommendation
-
Agents search home of ex-lieutenant facing scrutiny as police probe leak of school shooting evidence
-
Germany defeats Serbia for gold in FIBA World Cup
-
Russian strikes on Ukraine kill 2 foreign aid workers, target Kyiv
-
Ralph Lauren makes lavish NYFW comeback at show with JLo, Diane Keaton, Sofia Richie, more
-
MVSU football player killed, driver injured in crash after police chase
-
Morocco earthquake live updates: Aftershock rocks rescuers as death toll surpasses 2,000
-
Israeli delegation attends UN heritage conference in Saudi Arabia in first public visit by officials
-
Explosives drop steel trestle Missouri River bridge into the water along I-70 while onlookers watch