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Elon Musk gave a much-needed pep talk to Tesla Inc. TSLA employees through an email as the stock remains on track to close 2022 as the worst-performing mega-cap stock of the year.
What Happened: Musk gave out a rallying cry, calling employees to ramp up deliveries for the fourth quarter, Reuters reported, citing an internal email.
See Also: How to Invest In Tesla (TSLA) Stock
“Please go all out for the next few days and volunteer to help deliver if at all possible. It will make a real difference!” Musk reportedly said in the email. The billionaire also assuaged concerns regarding the stock’s precipitous drop.
“Btw, don’t be too bothered by stock market craziness. As we demonstrate continued excellent performance, the market will recognize that,” Musk said, according to Reuters.
He also painted a bright picture of Tesla’s long-term prospects. “Long-term, I believe very much that Tesla will be the most valuable company on Earth!” Musk reportedly said.
Why It’s Important: Tesla typically goes out for a quarter-end push, ramping up production and also expediting deliveries. Tesla has a delivery tally of 908,573 units until the third quarter. If it has to meet its long-term goal of 50% growth, it should hit annual deliveries of at least 1.404 million units. This leaves the company with the tough ask of selling a little under 500,000 units for the fourth quarter.
The incentives doled out in China, U.S. and Europe should help to some extent. Even Tesla bulls are less optimistic about outperformance, given the production disruptions and slowing demand due to the economic softness.
Morgan Stanley’s Adam Jonas said in a late Wednesday note that he expects fourth-quarter sales of 399,000 units compared to the consensus of 429,000 vehicles.
Musk’s comments on Tesla stock price are important as Tesla employees, including factory workers, receive some part of their compensation in stock.
Price Action: After a 69%+ plunge until Tuesday, the stock fought back and ended up 3.31% at $112.71 on Wednesday, according to Benzinga Pro data.
Read Next: How Has Elon Musk Reacted To Tesla’s 70% Stock Plunge This Year?
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Image and article originally from www.benzinga.com. Read the original article here.