Tesla (TSLA) stock is running up as 12% in Wednesday’s market session even though the EV maker reported a first-quarter earnings miss on its top and bottom lines. Tesla CEO Elon Musk’s comments on the earnings call seem to be the main catalyst driving shares higher as he hinted that affordable electric vehicles from the company could be on the horizon.
Although many Wall Street teams are skeptical of the timely release of a cheap EV from Tesla, Kevin Paffrath — a financial analyst and YouTuber who posts content on his channel "Meet Kevin" — is optimistic about seeing a "very hope-filled Elon" and the odds of Tesla refreshing its product inventory.
"We’ve got all of 2024 to set an EPS [earnings per share] floor. So there’s plenty of time to buy, in my opinion, and then the dial mover is vehicle growth again," Paffrath explains. Getting more vehicles out on the road would give Tesla the data necessary to build out its full self-driving infrastructure for an eventual robotaxi launch, Paffrath elaborates while he is unsure about a robotaxi deployment in Tesla’ near-term.
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