The Clap
Tesla reported a drop in quarterly profit that was less than expected.
The Deets
Tesla had a lower than expected drop in profit due to a string of price increases for EVs that helped tackle the challenges from the pandemic. They posted an adjusted profit of $2.27 per share, higher than the expected $1.81.
Tesla still wants to reach 50% growth in deliveries. Tesla stated that the problem they face is a production problem rather than a demand problem.
Musk, Tesla CEO, claims that the factories in China are producing at a strong rate.
Why does this matter?
The news pushed shares of Tesla up by 1%. This is still down about 40% from the peak level the stock reached in November.
Tesla hit their profit target ↗️
