A Tesla Model 3 remote electric vehicle charges at a Tesla Supercharger station in Kettleman, California, on Wednesday, July 31, 2019.
Patrick T. Fallon Bloomberg | Getty Images
Electric car maker stocks TeslaAsian suppliers tumbled on Thursday after the electric car maker missed fourth-quarter revenue and profit targets and warned of slowing sales this year.
Tesla said in a presentation to investors on Wednesday that vehicle sales growth in 2024 “will likely be significantly lower” than last year’s growth rate as the company works to launch its “next generation of vehicles” in Texas.
Shares of LG Display, a South Korean display manufacturer that supplies automotive displays for Tesla Model 3, fell more than 4%.
Tesla’s battery suppliers have also seen declines. LG Energy Solution fell 3.8%, Samsung SDI and Panasonic Holdings Both fell about 2%.
Tesla’s rivals in Asia also suffered declines.
BYD It surpassed Tesla in the fourth quarter of 2023 to become the world’s best-selling electric vehicle manufacturer, and its stock price fell by about 2%.
On January 2, the Chinese electric car maker reported sales of about 526,000 vehicles for the quarter, compared with Tesla’s sales of about 484,000 vehicles.
However, Tesla still ranks first in annual electric vehicle sales, delivering more than 1.8 million vehicles to customers in the year to December 2023, while BYD’s figure is just under 1.6 million.
electric car manufacturer Nioh, Xpeng and ideal car is one of the biggest losers Hang Seng Index, Weilai plunged more than 7%. Xpeng Motors’ share price fell 6.05% in early trading, and Li Auto’s share price fell 4.47%.
Revenue and EPS missed expectations
Elon Musk’s automaker is a leader in the electric vehicle industry.
Tesla supplier shares lower Its results were disappointing, while other electric car makers in Asia fell on pessimistic production prospects for this year.
Fourth-quarter revenue rose 3% to $25.17 billion, but was lower than the $25.6 billion expected by LSEG (formerly Refinitiv).
Fourth-quarter earnings per share were 71 cents, compared with LSEG’s forecast of 74 cents.
Fourth-quarter net income more than doubled to $7.9 billion, or $2.27 per share, largely due to a one-time non-cash tax benefit of $5.9 billion.
The figure also more than doubled from $3.7 billion, or $1.07 per share, in the same period last year.
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