Tesla shares were falling after hours Wednesday after the company declined for now to offer financial guidance for 2024.
Tesla (TSLA) – Get Free Report said, instead, that delivery growth this yiear would be “noticeably lower” as the company works on the introduction of its “the next-generation vehicle,” to be built at its plant in Texas.
The vehicle is supposed to be something like a Honda Accord, with Tesla pricing it at around $25,000.
Whether that can achieved is not clear. The Tesla Cybertruck was supposed to sell for about $35,000 but is priced at a much higher level. The company is hoping to see Cybertruck production and deliveries ramp up this year.
More detail will come during the company’s earnings call at 5:30 p.m. ET. CEO Elon Musk is expected to participate.
This is a developing story, so check back for updates during the conference call!
Related: Tesla’s highly-anticipated $25,000 car set to start production next year
The disclosures came after the company reported fourth-quarter revenue and earnings that missed Wall Street estimates.
The shares fell below $200 in after-hours trading for the first time since the end of October. In regular trading, the shares closed at $207.83,down -0.6%. The close was off 0.6% on the day and are off 16.4% this year.
Image source: Getty Images.
Tesla reported fourth-quarter revenue of $25.2 billion, missing the street estimate of $26.6 billion. Earnings were 71 cents a share. The Street estimate was 74 cents.
Tesla shares have been pressured in recognition of rising global competition and signs sales of electric vehicles are stagnating.
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