Tesla CEO and X (former Twitter) CEO Elon Musk speaks at the Atreju political conference organized by Fratelli d’Italia (Italian Brothers) on December 15, 2023 in Rome, Italy.
Antonio Masillo | Getty Images
Tesla Fourth-quarter 2023 earnings are scheduled to be released after the market closes on Wednesday.
Analysts expected the following, according to estimates compiled by LSEG (formerly Refinitiv):
- income: 74 cents per share
- income: $25.6 billion
While other U.S. automakers struggled to produce and sell large numbers of all-electric vehicles last year, Tesla reported fourth-quarter deliveries of 484,507 vehicles and will deliver more than 1.8 million vehicles in 2023. Big price cuts helped Tesla achieve that number, setting a record for the number. company.
According to LSEG data, Tesla’s revenue this quarter is likely to increase by about 5% annually.
On the global stage, Chinese auto giant BYD overtook Tesla in the last quarter of 2023. But Tesla maintained its lead in pure electric vehicle sales throughout the year.
Domestic labor costs continue to rise.To make its wages competitive with automakers General Motors, Ford and Stellantis, whose employees are represented by the United Auto Workers union, Tesla recently raised pay for many of its hourly workers at its U.S. factories
Tesla is also facing union pressure in Sweden and Scandinavia, as well as a series of widespread lawsuits and ongoing regulatory investigations in the United States and Europe. Chief Executive Elon Musk is under greater pressure than ever to deliver on his long-standing promise of a software update that could transform existing Tesla vehicles into self-driving robotaxis. No need to change the hardware.
Tesla shareholders use the platform to submit questions for senior executives to answer Sai Technology before the earnings call.
They asked when Tesla planned to launch its “next generation” car, a more affordable electric car known to fans as the Model 2. Investors also want to know how many orders Tesla has received for its recently unveiled Cybertruck and when it will launch, as the company plans to increase production of 4,680 batteries and electric semi-trailers at its Gigafactory in Nevada.
Shareholders have expressed concerns about Musk’s recent demands to control more of the company. January 15 Post on XMusk once wrote on Twitter: “Tesla has grown into a leader in artificial intelligence and robotics without ~25% voting control, which makes me uncomfortable. The influence is large enough, but Not enough that I can’t be overturned. Unless that’s the case. If that’s the case, I’d rather build products outside of Tesla.”
On the Say platform, investors asked: “Should retail shareholders be worried if Elon says he’s uncomfortable with expanding artificial intelligence and robotics at Tesla if he doesn’t have 25% of the voting rights?”
Even investor Ross Gerber, who has been a Musk fan and Tesla bull for years, was outraged by the proposal. Gerber said on CNBC’s “Last Call” with Brian Sullivan that Musk is “extorting” Tesla shareholders and “the idea that he doesn’t control Tesla is ridiculous.” He added, “Everyone on the board was a friend or family member of his.”
According to public documents, Musk has developed artificial intelligence products outside of Tesla, including X.AI, a new startup he established in Nevada in March 2023. During Tesla’s earnings call in July 2023, Musk told analysts that “only some of the best artificial intelligence engineers and scientists in the world are willing to join startups, but they are not willing to join companies like Tesla. A relatively mature large company.”
Tesla announced plans to build its own data center, Dojo supercomputer and humanoid robot called Optimus.
As of Tuesday’s close, Tesla shares were down about 16% so far this year after more than doubling in 2023.
watch: Musk has great control over Tesla
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