Friday, 03 Feb 2023

Tesla surpasses earning expectations even as Musk remains mired in lawsuits

Tesla surpasses earning expectations even as Musk remains mired in lawsuits


Tesla surpasses earning expectations even as Musk remains mired in lawsuits

Tesla surpassed Wall Street expectations in highly-anticipated fourth-quarter earnings on Wednesday, bumping its stock price up 3% after markets closed.

The electric car company posted $24.3bn in revenue, higher than the $24.07bn anticipated by analysts and 33% growth year-over-year, demonstrating that the automaker may be doing a better job than anticipated of weathering concerns about slipping demand for its cars, logistical holdups, and ongoing legal drama surrounding its chief executive, Elon Musk.

The report comes as Musk faces a number of lawsuits, testifying this week in a case brought against him by Tesla investors who claim his 2018 tweet about taking the company private cost them millions.

The company also announced this week plans to expand a manufacturing facility in Nevada and hire 3,000 people as it ramps up production of its heavy-duty, fully electric truck, the Tesla Semi.

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