Tesla delays new models, isn't working on a budget model:
Tesla pushed back introductions of new models to next year, wagering the best way to continue expanding sales in the face of supply-chain challenges will be to further leverage a narrow lineup of big sellers.
While having to procure chips for just a handful of models has been an advantage for Tesla, putting off launches of new products carries some risk. Rivian is ramping up production of its R1T electric pickup, and truck-segment leader Ford is coming to market with a plug-in version of its best-selling F-150 in the coming months. General Motors has begun production of the GMC Hummer EV, with the Cadillac Lyriq and Chevy Silverado EV to follow.
Lacking near-term additions to Tesla showrooms to promote, Musk spent much of Tesla’s earnings call discussing the potential of self-driving technology and a humanoid robot the company supposedly has under development. That will be a tall order, at least from an earnings perspective. Automotive revenue soared to almost $16 billion in the fourth quarter and was 90% of total sales. Profit excluding some items jumped to $2.54 a share, beating analysts’ average estimate for $2.36 a share.
After sitting out Tesla’s earnings call last quarter, Musk returned Wednesday to explain the decision to further delay models he first showed prototypes of as far back as 2017.
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