Tesla shares dropped more than 8% in extended trade on the IG platform late last night you could trade those shares after close it reported uh the earnings are coming in at 66 cents per share we'd be looking for 73 cents and down from 105 in the same quarter last year Revenue up 9% uh to 23.35% years for the electric vehicle maker this is an interesting story to continue to follow uh where we've seen uh stiff competition coming through from Chinese automakers Tesla's gross margin dropped 17.9% because Elon Musk has been cutting prices to compete uh with uh the Chinese exports uh Tesla's growth margin dropped to 17.9% in the quarter compared with 25.1% uh a year earlier when it had just about started cutting prices the quote from Elon Musk uh in his conference call last night expressed concerns about the impact of high interest rates on car buyers he also said that he was hesitating on the group's plans uh for a factory in Mexico as it gauges the economic Outlook uh he says if the macroeconomic conditions are stormy even the best ship is still going to have tough times that's a clear change of tone last year musk was saying Tesla was recession resilient let take a look at the share price move last night you can quite clearly see the drop that we saw ending down at levels not seen since the 25 August this is certainly a stock story to continue to watch today uh when we cover this in Beat the Street at 1:30 p.m. UK time
