- CEO Elon Musk disappointed investors after warning Tesla could see a second straight year of declining EV sales. He also suggested Q4 could be rough once the U.S. federal tax credits for EV sales expire. All of that might have been acceptable had he provided specific milestones for how quickly he could scale his new autonomous ride-hailing service beyond a dozen cars in Austin. “I wanted to hear more details,” said Gene Munster, cofounder of Deepwater Asset Management.
Tesla shares sold off overnight and Wednesday morning after CEO Elon Musk scrapped his full-year guidance, warned upcoming quarters could prove rough, and hosted an earnings call once again long on promises and short on specifics. The stock was down 9% this morning at the open.
