Tesla CEO Elon Musk responds to calls for a stock buyback with suggestion that a $5 billion to $10 billion plan could arrive next year.
Tesla Inc. Chief Executive Elon Musk suggested the electric-vehicle maker could repurchase up to $10 billion worth of its stock Wednesday, as shares declined following a third-quarter revenue miss and his CFO brought down delivery expectations for the full year.
Tesla delivered a record number of cars in the third quarter, but still missed analysts’ expectations and made it more difficult to hit executives’ target for the year of an increase of more than 50% in vehicle deliveries. Kirkhorn said that the company will increase production of cars by 50%, “although we are tracking supply-chain risks which are beyond our control.”
Tesla shares have fallen more than 37% so far this year, a harder descent than the 22% decline of the S&P 500 index SPX, -0.67%, after years of outsize gains. Pundits have put forth a variety of reasons for the downturn, including increasing competition in the EV market, negative press around Tesla’s full-self-driving claims and actual performance, and Musk’s attention being diverted to his attempt to acquire Twitter Inc. TWTR, +0.10%.None of that cowed Musk, however.
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