Toronto, Ontario — In this weekly Tuesday Ticker, Tesla beats Wall Street’s expectations for its Q1 2023 results, while AutoCanada and Kijiji announce and expansion of their partnership.
Tesla beats expectations
Tesla reported Q1 2023 production and delivery results Monday morning, beating analyst expectations and setting new records
Tesla says it produced 440,808 new vehicles from January through March of this year, a 44 percent increase from Q1 2022.
The electric OEM delivered 422,875 cars in Q1 2022, exceeding Q4 2022 numbers by roughly four percent.
Many expect the high numbers to be a result of recent price cuts; in January, Tesla prices were cut by up to 20 percent across the world, launching a price war in the EV market.
Tesla CEO Elon Musk said the company could break two million vehicle deliveries this year, up 52 percent over 2022.
As of Monday at 11 a.m. EST, shares of Tesla were up 80.44 percent year-to-date, trading at US$195.12.
Marketplace Merger
AutoCanada and Kijiji announced an expansion on their existing strategic relationship last week, which will “provide AutoCanada dealerships with expanded access to Kijiji’s significant shopper audience while providing Kijiji with AutoCanada’s nationwide inventory.”
The two companies said the expansion will “provide car shoppers with greater selection on the Kijiji platform,” in a joint statement released last Friday.
As of Monday at 11 a.m. EST, shares of AutoCanada were trading at $20.21 per share, up 10.8 percent over the last five days, but down 14.51 percent year-to-date.
Shares of AutoCanada fell 32.47 percent in the month of March. While the company’s recently reported Q4 2022 and full-year sales broke records, profitability took a “heavy knock,” wrote investment site the Motley Fool. Full-year net income dropped 48 percent from 2021 to 2022; profit margins shrank by 60 percent.
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