Hertz slides 20% as depreciating Teslas dent the bottom line [Seeking Alpha]
Tesla, Inc. (TSLA)
Last tesla, inc. earnings: 4/29 04:11 pm
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Revenue was up 1.5% year-over-year to $2.08B to top the consensus expectation by $30M, but EPS came in -$1.28 in comparison to the consensus estimate of -$0.43 and the $0.39 mark from a year ago. Notably, Hertz ( HTZ ) highlighted that vehicle depreciation in the quarter increased $588M, or $339 on a per-unit basis, primarily driven by deterioration in estimated forward residual values and disposition losses on ICE vehicles compared to gains in the prior year quarter. Additionally, of the $339 per unit increase, $119 was related to electric vehicles held for sale. Hertz ( HTZ ) disclosed adjusted corporate EBITDA was -$567M in the quarter, driven lower mainly by a $588M increase in vehicle depreciation compared to a year ago, of which $195M related to EVs held for sale. Back in 2021, Hertz ( HTZ ) made a big bet on EVs, with an order for 100K Tesla ( TSLA ) vehicles. CEO update: "Fleet and direct operating costs weighed on this quarter's performance... We're tackling both issues
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News
- Elon Musk sues Indian battery company Tesla Power for trademark infringement [FOX Business Network]FOX Business Network
- Rule tweak allows Tesla, EV makers to maintain tax-credit marketing push in car sales [Fortune]Fortune
- Have the wheels come off for Tesla? [Yahoo! Finance]Yahoo! Finance
- Tesla is pulling out all the stops to get Elon Musk his $47 billion pay package [Business Insider]Business Insider
- Tesla in Turmoil as Musk Makes Multiple Controversial Moves [Yahoo! Finance]Yahoo! Finance
TSLA
Earnings
- 4/23/24 - Beat
TSLA
Sec Filings
- 5/3/24 - Form DEFA14A
- 4/30/24 - Form PX14A6G
- 4/29/24 - Form DEFA14A
- TSLA's page on the SEC website