SeekingAlpha.com:
Tesla (TSLA +3.0%) breaks higher as investors start to jump back in after an initial earnings dip off somewhat vague deliveries guidance from the electric vehicle producer.
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- Shares of Tesla have traded as high as $888.48 this morning, which is just 1.3% short of the all-time high of $900.40.
- New Street Research’s Pierre Ferragu notes that Tesla generated an annual run rate of 1M cars in recent weeks and has defied skeptics with $3..1B in operating cash for the last quarter. “$TSLA has escaped economic gravity. It is not a car company. 28.5% Auto gross margins excluding credit, up from 25.2% last quarter and 17.2% in 1Q21. Escape velocity… While finalising 2 new production sites and sees ASP decline by 6% YoY,” he notes on Twitter.
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- The Tesla report is contributing to a strong day for the electric vehicle sector. Gainers include a number of potential infrastructure beneficiaries such as Volta (VLTA +6.1%), HyreCar (HYRE +4.7%), Plug Power (PLUG +5.8%), Blink Charging (BLNK +4.2%), ChargePoint Holdings (CHPT +3.1%) and Fuelcell Energy (FCEL +6.3%).
- Other advancers include Lion Electric (LEV +3.0%), Hyliion Holdings (HYLN +3.6%), QuantumScape (QS +2.2%), Li Auto (LI +1.8%), Ayro (AYRO +1.4%), Nikola (NKLA +1.9%) and EVgo (EVGO +2.2%).
- See what analysts are saying about Tesla.
- Dig into the TSLA Q3 earnings call transcript.
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- See how Tesla ranks in the list of the largest U.S. companies by market cap.
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