Thursday, June 20, 2024

Tesla has NOK 20 billion worth of cars in stock

Tesla's profit has fallen by 55 percent in the course of the first quarter of 2024 alone. And even if you have a huge stock of brand new cars, the stock rises.

Tesla is a strange car brand.

Maybe not so much because of the cars, but more because of everything that happens around them.

Despite a quarterly report showing that Tesla's profit has more than halved in the first months of the year, the stock has reacted with a jump upwards.

The fact that Tesla has 20 billion Danish kroner worth of cars in stock apparently doesn't mean much either.

READ ALSO: Fired the Danish boss – now they have sold one car

– To recap, over the course of the first quarter we navigated several unforeseen challenges and production of the updated Model 3 in Fremont.

– As we have all seen, the share of electric cars globally is under pressure, and many other manufacturers are pulling back on electric cars and investing in plug-in hybrids instead.

– We believe that this is not the right strategy and that electric cars will eventually dominate the market, said CEO Elon Musk when Tesla published its financial statements at the end of April.

Whether Tesla believes that the others are doing the wrong thing or not, however, does not change the fact that for the first time in a long time the brand can register a so-called 'negative cash flow'. In other words, you bring in less money than is initially brought in.

Furthermore, as mentioned, Tesla can note that it now has cars for a small amount of 20 billion Danish kroner kept in stock. For the same reason, the brand has shelved plans for more factories.

Shortly after the accounts, Tesla in Denmark also chose to detonate another bomb under both the new and used car market. Read more about it here .

Read more exciting news from and about the world of cars right here!

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