Tesla Disappoints Despite Profit Rise And Record Revenue While Worksport Completes U.S. Assembly Line
Portfolio Pulse from Upwallstreet
Tesla Inc (NASDAQ:TSLA) posted an all-time high quarterly revenue but price cuts and incentives thinned its margins. Worksport Ltd (NASDAQ:WKSP) announced the completion of its first assembly line, with production to start in three weeks. Tesla's Q2 revenue was $24.93 billion, with operating margin at 9.6%, the lowest in the last five quarters. Tesla's core EV business expanded 46% YoY to $21.27 billion. Tesla shares rose 136% year to Wednesday’s close.
July 20, 2023 | 6:15 pm
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NEGATIVE IMPACT
Tesla's record revenue was offset by thinning margins due to price cuts and incentives. The company's operating margin was the lowest in the last five quarters.
Despite posting record revenue, Tesla's margins have been impacted by price cuts and incentives. This could potentially affect investor sentiment and the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Worksport Ltd announced the completion of its first assembly line, with production to start in three weeks.
The completion of Worksport's first assembly line and the imminent start of production is a positive development for the company and could potentially boost its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100