Before Tesla Inc.’s results, investors were looking for signs of stability in the company’s electric-car business and some hint that a dazzling self-driving vehicle was imminent. They got neither.
Jay Van Sciver, partner and industrials sector head at Hedgeye Risk Management, joins BNN Bloomberg and talks about how the company reports drop in auto revenue
Instead of shoring up investors’ confidence, Tesla reported another quarter of disappointing profits as Chief Executive Officer Elon Musk repeated some of his earlier promises about how the EV-maker will be a leader in autonomous cars. But he also confirmed an earlier report that the company was delaying the unveiling of the so-called robotaxi to October.
“The disconnect from reality means anything can happen,” said Mike O’Rourke, chief market strategist at Jonestrading. “While it is understandable Tesla shares traded off following the report, it remains hard to understand why they were at such levels prior to the report.” “Given the hype cycle the past few weeks around AI, we would expect shares to retrace the recent rally as nothing new was offered around progress with AI,” said Cowen analyst Jeff Osborne.
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