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Tesla Shares Decline after Carmaker Reveals Job Savings, Q4 Profit Guidance



Tesla Inc. (TSLA) shares were indicated lower Friday after clean energy car manufacturer said it would cut around 7% of its workforce and added that fourth-quarter earnings are likely to be lower than in the previous three months . [19659002] Tesla said it would publish a GAAP-reported profit in the three months ending in December, but warned that the number would be less than the $ 312 million posted for the third quarter. It also said it would raise model 3 production ahead of a planned reduction in US tax credits on July 1.

"Tesla will have to make these cuts while increasing the Model 3 production model and making many manufacturing improvements in the months ahead," says CEO Elon Musk in a blog post. "Greater volume and manufacturing design improvements are crucial for Tesla to achieve the economies of scale required to produce the standard range (220 mile), standard interior model 3 to $ 35k and still be a profitable company. There is no other way. "

The Tesla shares were marked 7.1

1% lower in pre-trade, indicating an opening price of USD 322.60 each, a step that would still leave the stock with a 23% gain over the past three months and a market value of About $ 56 billion

Musk also noted that while fourth-quarter deliveries were "almost as many cars as we did throughout 2017", the group still needed to reduce prices to make products that were "competitive with fossil fuels ".

" Now our most affordable offer is mid-range (264 mile) Model 3 with premium audio and $ 44k interior, "says Musk." The need for lower price variants of Model 3 is even greater on 1. July, when the US tax credit falls again halfway, making our car $ 1,875 more expensive, and again at the end of the year when it goes away altogether. "

Musk also said that Tesla could send a small fourth-quarter profit – "with great va success, success and success "- thanks to accelerated transfers of higher prices to Model 3 variants for European and Asian markets.


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