Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter
Last week, Elon Musk sent an e-mail to the executives of the company saying to pause all the worldwide hiring and planning to “cut staff by around 10%”. Later on the week, Tesla’s CEO disclosed that “total headcount will increase, but salaried should be fairly flat” when asked about the upcoming months.
On Monday, Goldman Sachs analyst Mark Delaney released a new note saying Tesla’s plan is to limit costs and not reduce OpEx (operating expenses).
“Mr. Musk’s comments on Twitter of salaried headcount being fairly flat suggest the company’s plan is to limit cost growth and not reduce OpEx overall,” Delaney said.
“Our base case assumption is for OpEx including SBC to rise by an average of about $255 mn per qtr from 2Q22 through 4Q22, by $1.9 bn in 2022 YoY, and by $2.6 bn in 2023 YoY. Each $100 mn of OpEx is about $0.06-$0.08 of EPS,” he added.
Last week, also Wedbush analyst Dan Ives reacted on Twitter mentioning that Tesla is “trying to be ahead of a slower delivery ramp this year and preserve margins ahead of economic slowdown”. Although, the analyst sees the U.S. automaker ramping bak as soon as next year: “Can ramp back up in 23 and pockets of spending in Austin and Berlin will still ramp aggressive we believe,” Ives said.
Tesla’s CEO unveiled on Saturday that the 10.13 version of the Full Self Driving technology “is a big deal” and that “should be able to drive to a GPS point with zero map data”.
In the same tweet, Musk also confirmed that the 10.12.2 version of the beta program is now expanding to 100k cars. The U.S. automaker is ramping up the number of beta testers after having only a few thousand people in the third quarter of 2021.
Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter
