ElonMusk signaled Tesla will continue to cut prices to stoke demand for its electric vehicles, even at the expense of its industry-leading profit margins. Moneyweb
Elon Musk signaled Tesla will continue to cut prices to stoke demand for its electric vehicles, even at the expense of its industry-leading profit margins. Musk argued he has good reasons for doing so, saying Wednesday that Tesla can financially withstand price cuts, giving it the upper hand against rivals. Investors weren’t so sure, sending the company’s stock lower in aftermarket trading.
But profit excluding some items fell to 85 cents a share, slightly below the 86-cent average of estimates compiled by Bloomberg, and free cash flow slumped to a two-year low of $441 million. The company’s shares slid more than 6% in late trading in New York after Musk laid out his thinking. The stock was up 47% so far this year through Wednesday’s close. “Tesla is going through a rough patch,” said Gene Munster, managing partner at Deepwater Asset Management.
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