Tesla is trading down ahead of Wednesday’s earnings report (TSLA)

business news

Tesla‘s shares have had a rollercoaster of a ride, currently trading down 1.60% at $326.24, ahead of the company’s earnings report on Wednesday.

Wall Street is keeping a close eye on Tesla’s earnings after it was previously reported that it plans to cut 40% of its Model 3 sedan parts orders because of a “production bottleneck.” Tesla announced it had produced 260 Model 3 sedans in the third quarter, far below its target of 1,500 in September.

Tesla’s shares jumped slightly on Tuesday when Panasonic’s CEO Kazuhiro Tsuga, a production partner, said the Model 3’s delays came from problems in automating its battery production line and those problems have been addressed. He expects Tesla’s Model 3 production to “rise sharply.” 

The luxury car maker also announced a series of layoffs in October. Roughly 200 to 400 employees were laid off at its SolarCity offices in California, Nevada, Arizona and Utah, according to several media reports.

Tesla stock has gained 51.15% over the year.

To read more about how Tesla is solving its Model 3 bottleneck problem, click here.


SEE ALSO: Tesla jumps more than 3% after reportedly solving its Model 3 bottleneck

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: Chipotle’s earnings disaster, Amazon’s new headquarters, and the unstoppable stock market

Комментариев нет

Добавить комментарий

business news
Bitcoin’s rough patch looks like the Nasdaq during the tech bubble — except it’s moving 15 times faster

Bitcoin fell as much as 70% from its mid-December high through its recent early-February low. The cryptocurrency’s price chart mirrors that of the Nasdaq Composite Index during the dotcom bubble era, but there’s a catch. Historical fluctuations in the Nasdaq should provide a template for how bitcoin will trade going …

business news
‘China is not afraid’: China strikes back at Trump with new tariffs as trade fight escalates

President Donald Trump announced new tariffs on $50 billion worth of Chinese goods on Thursday. Chinese officials strongly condemned the move. “China does not want a trade war with anyone,” said the Chinese Embassy in Washington, DC. “But China is not afraid of and will not recoil from a trade …

business news
Bill Ackman reportedly cashes out of his Nike investment after making about $100 million

Pershing Square CEO Bill Ackman has cashed out his stake in Nike after making about $100 million, according to Dow Jones.  Ackman recently exited a years-long bet in Herbalife that reportedly cost him hundreds of millions of dollars.  The apparel maker is set to report earnings after the market close …