Tesla's stock surrenders gains after earnings. Here's what to know.
Tesla’s earnings report came with puts and takes, but nothing “groundbreaking,” according to a Jefferies analyst.
While capital spending was relatively flat compared to the fourth quarter, Tesla will be ramping up its investments to achieve its new target of $25 billion in capital expenditures for the year.
More positively, the automotive backlog hit its highest level in two years, noted Philippe Houchois of Jefferies. That “should help concerns on Q1 excess production,” he wrote. And the obstacles Tesla faces in its robotaxi rollout aren’t related to safety, he added.