Bankinter: Good performance on Wednesday after the messages launched at the Shareholders’ Meeting. The highlights are: (i) Musk stated that he will remain at the helm of Tesla, dismissing rumours of his possible retirement now that he is also in charge of Twitter. (ii) Deliveries of the Cybertruck will begin this year. (iii) Tesla is working on the development of two new models. (iv) It will consider starting to announce its products.
Assessment:
The messages are positive, but the lack of details, especially dates, makes it difficult to assess their real impact on the company’s operations. In any case, on Wednesday the stock reacted positively and at the close it rose 4.4%. However, the change in announcement policy leads to continued concern about the demand problems the company is facing. This new stance comes on top of the price cutting policy and the consequent drop in margins seen in the first quarter results (gross margin 19.3% vs. 29.1% in Q1 2022 and 20% target of the company).
