Tesla (TSLA, Financial) shares experienced a significant drop of 5%, trading at $313.74 with a volume of 78.09 million shares and a turnover rate of 2.43%. The stock showed a price fluctuation amplitude of 4.93%.
Recent financial reports revealed Tesla's revenue at $25.182 billion with a net profit of $2.167 billion and earnings per share of $0.68. The gross profit was $4.997 billion, leading to a price-to-earnings ratio of 85.97. Of the 57 institutions rating the stock, 42% recommended a buy, 35% suggested holding, and 23% advised selling.
In the broader automobile manufacturing sector, the average decline was 3.36%. However, related stocks such as Gogoro Inc, Faraday Future Intelligent Elec Inc, and Nwtn Inc showed notable gains, whereas Mullen Automotive, Srivaru Holding, and Workhorse Group were particularly active. Nwtn Inc, Srivaru Holding, and Gogoro Inc witnessed the highest price swings at 111.45%, 57.89%, and 50% respectively.
Tesla is known for its vertically integrated approach in electric vehicle production and autonomous driving software development. The company offers a range of vehicles from luxury sedans to semi-trucks, and plans for more affordable cars and a new sports car. In 2023, Tesla's global deliveries slightly exceeded 1.8 million units. Tesla also markets battery storage solutions for residential and commercial use, alongside solar panels and roofs, supported by a fast-charging network.
Industry news has highlighted that Tesla’s retail sales in China dropped by 43.9% in October, pushing it out of the top five in the market. Meanwhile, BYD led the market with cumulative retail sales reaching 2.898 million units, a 35.2% year-on-year increase.
