Sunday, November 10, 2024

Artificial Intelligence news

How ChatGPT search paves...

This story originally appeared in The Algorithm, our weekly newsletter on AI....

This AI-generated Minecraft may...

When you walk around in a version of the video game Minecraft...

OpenAI brings a new...

ChatGPT can now search the web for up-to-date answers to a user’s...

Chasing AI’s value in...

Inspired by an unprecedented opportunity, the life sciences sector has gone all...
HomeTechnologyTesla stock soars...

Tesla stock soars 6% after EV maker’s impressive sales numbers


Shares of Tesla jumped by more than 6% in trading on Wall Street on Monday after Elon Musk’s electric car maker reported better-than-expected second quarter delivery numbers.

Musk’s price cuts helped the company deliver 466,140 vehicles in the April to June period, up 10% from the preceding quarter and 83% higher from a year earlier.

The gap between how many cars Tesla produces and delivers also narrowed to 13,560 in the second quarter from 17,933 in the previous three months.

The world’s electric-vehicle leader is projected to deliver1.8 million Teslas this year, topping its record 1.3 million in 2022.

Tesla slashed prices worldwide by up to 20% in January, sparking a price war after the company’s failure to meet Wall Street’s delivery estimates for 2022.

The basic Model Y that used to sell for $65,990 now costs $54,990.

In January, Musk boasted that Tesla could achieve 2 million vehicle deliveries this year, up 52% from last year.


Shares of Tesla soared on Monday after Elon Musk’s electric car maker reported strong delivery numbers for second quarter.
REUTERS

Tesla's market capitalization was poised to cross the $900 billion threshold as of Monday.
Tesla’s market capitalization was poised to cross the $900 billion threshold as of Monday.
Zilber, Ariel

The Tesla billionaire’s gamble that reducing prices would stimulate sales growth appears to have paid off.

“Tesla’s price cuts are working in a big way,” Gene Munster, managing partner at investment firm Deepwater Asset Management, told Reuters.

“The average growth of deliveries over the previous seven quarters was 50%. This (quarter) marks a measurable step up in growth.”

But others were not as impressed.

Short-seller Jim Chanos tweeted that Tesla’s delivery numbers were already price in to the company’s valuation.

“Again, ‘blown away’ is a 4% beat on deliveries with huge price cuts? The $800B valuation might just be discounting that…$TSLA,” he tweeted.


Musk slashed the prices of Tesla vehicles in order to boost lagging sales.
Musk slashed the prices of Tesla vehicles in order to boost lagging sales.
Getty Images

In a subsequent tweet, Chanos wrote: “Is ‘massive’ 4% for a stock at 10x revenues…? Shouldn’t a company trading at that valuation always exceed expectations? $TSLA.”

Chanos, who made his fortune betting against the likes of Enron, WorldCom and Tyco, has been a frequent critic of Tesla.

He first bet against the stock in 2016, but then switched to owning bearish put options in early 2021, according to filings.

While Tesla’s stock has spiked by some 113% this year, it is still trading at more than a third below its peak price of more than $400 per share as of late 2021. The stock closed Monday’s holiday-shortened session at $279.82, up $18.05.

With Post Wires





Article Source link and Credit

Continue reading

Elon Musk net worth surges past $300B as Tesla crosses $1 trillion

Elon Musk’s backing of President-elect Donald Trump has paid off handsomely as his net worth surged past the $300 billion mark on Friday — much of it due to Tesla’s market capitalization surpassing $1 trillion. Musk, who donated nearly...

‘Like doing sports on steroids’

Let this sink in. Artificial intelligence has been deemed a threat to multiple industries, and now, tattoo experts are saying it’s already left a scar on their industry. Several designers have copped to using AI software to create elaborate mock-up...

Preview Walmart’s Black Friday 2024 sale and shop early deals now

New York Post may be compensated and/or receive an affiliate commission if you buy through our links. Featured pricing is subject to change. Another American election has come and gone. Regardless of whether you’re elated or despondent, there’s...