
Bitcoin Overtakes Tesla, Berkshire Hathaway Stock to Become Top 10 Asset
Bitcoin has become one of the top 10 assets in the world by market cap. This places it higher than Tesla, Visa, and Berkshire Hathaway stock.
Bitcoin has become one of the top 10 assets in the world by market cap. This places it higher than Tesla, Visa, and Berkshire Hathaway stock.
Tesla opens up bookings for its much-awaited Cybertruck with the rear-wheel drive version starting at $60,990 and a starting 250 mile range.
As a result of all the challenges faced by Tesla, its long-time partner Panasonic is also bearing losses. It has lowered its full-year operating profit forecast for its battery unit to ¥115 billion ($771 million) from ¥135 billion, as the demand for Tesla EVs in North America slowed down.
Despite Tesla missing the mark, the company’s revenue grew by 9 percent YoY to $23.4 billion fueled by growth in vehicle deliveries.
The downtime for the Tesla factory upgrades caused the decline in production and deliveries of electric vehicles in the third quarter compared to the second and first quarters.
The earnings report showed that Tesla recorded increases across multiple measures, including deliveries, revenue, net income, and EPS.
Tesla is faced with heightened competition in many parts of the world, which made the company consider cutting prices this year.
Tesla is going to release its Q2 financial results expected on Wednesday, July 19, 2023.
Musk noted that Tesla will conduct a third-party audit of its cobalt supply chain to ensure there is no child labour in the supply chain.
EV giant Tesla experienced a drop in Q1 2023 earnings due to underutilized new factories and higher production costs.
According to the company, it has plans to produce a total of 1.8 million vehicles with the total delivery expectations pegged around that figure.
The automaker plans to ramp up battery production for all vehicles and utility-scale energy storage systems.
During the fourth quarter, Tesla reported automotive revenue of about $21.3 billion and total revenues of about $24.31 billion.
Tesla CEO Elon Musk told shareholders and analysts that the company had record orders in January.
The early impact of Tesla cutting prices on its products was that Chinese EV manufacturers also dropped the costs of their vehicles.