- Tesla exceeded Wall Street’s profit estimates in its third-quarter earnings.
- The stock was up 12% in after-hours trading at the conclusion of the call with analysts.
- Elon Musk expects Tesla to receive regulatory approval for autonomous rides in California and Texas next year.
, teasing a new version of the sports car at the unveiling of the Tesla Semi.
Musk has said in March that , Wells Fargo said it expects the company to make up for the shortfall in sales by offering “aggressive finance promos globally.”
“We est. the Q3 promotions are equivalent to ~8% lower effective px cut,” analyst Colin Langan said in a note last week, adding that he expects the company to miss Wall Street’s third-quarter earnings estimates.
Langan predicted that Tesla’s automotive gross margin, excluding credits, would be 13.6% in the third quarter, down from 14.6% in the previous quarter.
Wells Fargo rates Tesla at “underweight” with a $120 price target.