Tesla Inc.‘s TSLA Third quarter results fell short of topline expectations and the stock responded with a move lower.
What happened: As CEO Elon Musk and his lieutenants took center stage to deliver the prepared speeches and answer questions from shareholders and analysts, the stock dipped briefly before turning around.
Here’s a compilation of key highlights from the earnings call:
Tesla prepares for record-breaking Q4: Musk said he’s preparing for a record-breaking fourth quarter and an “epic” year-end. Q4 is looking extremely good, he said.
Also with CFO Zachary Kirkhorns Noting that deliveries will increase by nearly 50% in 2022, Tesla faces the daunting task of producing and selling record-breaking vehicles in the final quarter of the year. A 50% growth for 2022 would mean deliveries of 496,315 units in the fourth quarter.
buyback likely: Musk mentioned the possibility of a $5 billion to $10 billion buyback.
“Even in the downside scenario next year, even if the next year was a very difficult year, we still have an opportunity to do a $5 billion to $10 billion buyback,” he said.
See also: How to trade Tesla stock before and after Q3 earnings
Tesla could topple market cap leaders: Tesla can easily outperform the market cap of current market leaders apple inc AAPPL and Saudi Arabia‘ Musk said.
“I see a potential path where Tesla is worth more than Apple and Saudi Aramco combined,” he said, adding that it’s a big challenge. “With a lot of work, some very creative new products, managing the expansion and some luck, it’s doable,” he added.
Will require truly exceptional execution, but it is possible
— Elon Musk (@elonmusk) October 19, 2022
Regulatory approval could delay adoption of FSD: Tesla plans to roll out its fully self-driving package more widely by the end of the year, but regulatory approval may not come by then, Musk said.
“But the car [will] be able to take you from home to your work, to your friend’s house, to the grocery store without…
