Elon Musk admitted some much-needed encouragement Tesla Inc. TSLA Staff emailed as the The stock remains on course to end 2022 as the worst-performing mega-cap stock of the year.
What happened: Musk let out a rallying cry and called on staff to ramp up shipments for the fourth quarter, Reuters reported, citing an internal email.
See also: How to invest in Tesla (TSLA) stocks.
“Please go all out in the next few days and volunteer to help with the delivery if that is possible. It will make a real difference!” Musk reportedly said in the email. The billionaire also allayed concerns about the stock’s steep decline.
“By the way, don’t be too bothered by the stock market craze. As we continue to excel, the market will recognize that,” Musk said, according to Reuters.
He also painted a positive picture of Tesla’s long-term prospects. “Over the long term, I firmly believe that Tesla will be the most valuable company in the world!” Musk reportedly said.
Why it matters: Tesla usually goes for a quarter-end boost, ramping up production and accelerating deliveries as well. Tesla has a delivery record of 908,573 units until the third quarter. If it needs to meet its long-term goal of 50% growth, it should achieve annual shipments of at least 1.404 million units. That leaves the company with the difficult task of selling just under 500,000 units in the fourth quarter.
The stimulus distributed in China, the US and Europe should help to some extent. Even Tesla bulls are less optimistic about outperformance amid production disruptions and slowing demand due to economic weakness.
MorganStanley‘s Adam Jonas said in a statement late Wednesday that it expects sales of 399,000 units in the fourth quarter, compared to the consensus of 429,000 vehicles.
Musk’s comments on Tesla’s stock price are important because Tesla employees, including factory workers, receive a portion of their compensation in shares.
Price promotion: After plummeting over 69% through Tuesday, the stock hit back…
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