Cars and Drivers
Surprisingly, Tesla Shares Flat for the Week
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After news about earnings and new solar panels for homes, Tesla Motors Inc.’s (NASDAQ: TSLA) shares managed to close the week flat at $200.
What happened?
According to The New York Times:
The electric carmaker Tesla Motors said on Wednesday that it earned $22 million in the third quarter, its first profitable period since 2013, raising expectations for the success of its expansion plans.
The company’s chief executive, Elon Musk, said in a letter to investors that the results reflected improvements in vehicle production, the addition of new stores and a steady increase in market share for its luxury models.
“We were able to have our best quarter ever, and we are heading toward a great fourth quarter as well,” Mr. Musk said in a conference call with analysts.
Tesla reported revenues for the quarter of $2.3 billion, more than double the results in the comparable period last year. The company said it delivered nearly 25,000 vehicles to customers in the quarter.
And home solar panels, Tesla founder CEO made some comments ahead of a merger between his company and Solar City. According to The Wall Street Journal:
Elon Musk wants to make solar-roof panels as sexy as his electric luxury cars.
Mr. Musk, who is chairman of both Tesla Motors Inc. and SolarCity Corp., laid out in broad strokes his vision for how his proposed merger of the two companies would result in an integrated system of solar panels, wall-mounted batteries and electric cars.
“People always think of Tesla as an electric-car company, but really the whole point of Tesla was to accelerate the advent of sustainable energy,” Mr. Musk said on a stage at Universal Studios in Los Angeles surrounded by houses outfitted with glass solar tiles roughly the size and shape of roofing shingles.
“The goal is…to make solar roofs that look better than a normal roof, generate electricity, last longer, have better insulation and an installed cost that is less than a normal roof plus the cost of electricity,” he said.
One would think with all that action, the shares would have gone somewhere.
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