Constellation Research Founder Ray Wang provides insight on 'Varney & Co.'
In an earnings call, the company said it netted $2.26 billion in profit for the quarter and stuck with a prediction of 50% annual vehicle sales growth over the next few years. The EV maker posted an adjusted profit of $2.27 per share versus analysts' consensus estimates of $1.81. Its automotive gross margin fell to 27.9%, down from a year earlier and the preceding quarter, amid inflationary pressure. Revenue was $16.93 billion, beating estimates of $16.54 billion.
FILE PHOTO: A Tesla vehicle drives past Tesla's primary vehicle factory after CEO Elon Musk announced he was defying local officials' coronavirus disease restrictions by reopening the plant in Fremont, California.