Instant Reaction: Tesla Beats Estimates, Hints at EV Demand Rebound
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Instant Reaction: Tesla Beats Estimates, Hints at EV Demand Rebound
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Tesla beat Wall Street’s profit expectations to start the year as the automaker said demand for its electric vehicles is rebounding around the globe, hinting at a possible recovery for its long-struggling automotive business.
Adjusted earnings rose to 41 cents a share in the first quarter, the company said Wednesday in a statement, higher than the 34-cent average of analyst estimates compiled by Bloomberg. It’s the second straight quarter Tesla’s earnings have exceeded expectations.
Tesla said it “saw continued growth in demand for our vehicles” in parts of Asia-Pacific and South America, along with a rebound in North America and the Europe-Middle East region. The surprisingly optimistic comments come several weeks after the automaker reported one of its worst quarters of auto sales in years.
For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with:
- Steve Man, Bloomberg Intelligence Global Autos and Industrials Research Analyst
- Ed Ludlow, Bloomberg Tech co-host
- Ross Gerber, President and CEO at Gerber Kawasaki
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