— Tesla boss Elon Musk has boasted of being able to make Tesla more valuable than Apple and Saudi Aramco.
— The car maker had missed the revenue estimates for third quarter of 2022.
In a conference call with analysts, Tesla CEO Elon Musk revealed that he expected the car company to miss its Q3 2022 revenue estimates.
The car maker had recorded an automotive gross margin of 27.9 percent, which was 30.5 percent lesser than what it was a year ago. It made a revenue of $21.45 billion, which was shy of the $21.96 billion estimate.
Musk explained that the reducing demand for its vehicles was not much of an issue because it was expected to rise in the following quarter. However, he conceded that the company could face some problem in the supply department.
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He also mentioned that its profitability was affected by raw material cost inflation and ramp inefficiencies in its Berlin and Texas factories. Although, the company is still taking a crack at making new 4,680 batteries and aims to do a stock buyback of between $5 billion and $10 billion as soon as the board approves it.
Without going into details, the CEO claimed that he saw a path to take Tesla to a valuation above that of Apple and Saudi Aramco. For context, Tesla is valued at $1 trillion in 2022, while Apple and Saudi Aramco are worth, $2.6 trillion and $2.3 trillion, respectively.
Tesla’s third quarter performance is not all that bad. For example, despite missing analysts estimate, it had delivered 35 percent more vehicles during the period when compared to 2021.
The company’s stock has taken a dive from its lofty heights to about 50 percent less and the reason vary from Musk’s Twitter interest to the imminent tech economic downturn.
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