Could another missed production goal be enough to really change investors’ tune on Tesla?
Todd Lassa, Detroit Bureau Chief at Automobile Magazine, says falling short on Model 3 deliveries again might deal a blow to the electric automaker’s reputation.
“I think that it’ll affect perception more than bottom line, I think bottom line has always been troublesome over at Tesla,” he said. “We’re basically getting what we’ve always got from Elon Musk, but I think it’s finally starting to catch up to him.”
He points out that he’s long expressed concerns over Tesla’s ability to make money off its cars. In fact Tesla has only posted two profitable quarters in its nearly ten years as a public company, and in its most recent report it announced its biggest ever loss of more than $600 million.
It’s only been in the last few months, though, that the stock has pulled back, down 20 percent since hitting a record high in September.
“Maybe the investment community is catching up with us,” Lassa said.
Tesla has been spending heavily to match its aggressive production agenda, but some analysts aren’t convinced those efforts will pay off. KeyBanc Capital earlier this week slashed its forecast for Model 3 deliveries in the fourth quarter from 15,000 to 5,000.
To put that in perspective, Tesla originally said it would be rolling out 5,000 of the mass-market vehicles *each week* by the end of the year.
For full interview [click here](https://cheddar.com/videos/teslas-model-3-outlook-slashed).
Uber missed analysts' projections for earnings per share and revenue this past quarter. Cheddar News takes a closer look at the numbers and explains what to expect for the rest of the fiscal year.
Cheddar News breaks down some of the top business stories to look out for, including WeWork's bankruptcy filing and fast-fashion retailer Shein reportedly expecting a $90 million valuation upon its market debut. Plus, a new EV truck will have a backup gas generator.
WeWork has filed for Chapter 11 bankruptcy protection.
Bumble, the female-focused dating app, announced that Whitney Wolf Hurd, the company's founder and CEO, will step down in January.
WeWork officially has filed for bankruptcy.
With interest rates high, housing inventory low and Veterans Day just around the corner, Cheddar News took a look at how the current market is impacting those who served and continue to serve our country. Patton Gade, national director of military lending with UMortgage, explains how a VA loan works, its benefits and what's involved in the process of purchasing a home.
Stocks were mixed in Tuesday's early session as Wall Street came off a strong rally last week.
Google on Monday confronted the second major U.S. antitrust trial in two months to cast the internet powerhouse as a brazen bully that uses its immense wealth and people's dependence on one of its main products to stifle competition at consumers' expense.
Hilton Grand said it's in the process of purchasing Bluegreen Vacations in a $1.5 billion deal.
Walt Disney Co. named former PepsiCo veteran Hugh Johnston as its new chief financial officer.
