Yesterday, after the close of the main session on the stock exchange, Tesla reported for the Q1 of 2023:

→ revenue grew by 24% in annual terms;

→ but earnings narrowed as EBITDA margin declined from nearly 27% to 18.3% yoy and operating margin fell to 11%;

→ Elon Musk suggests that by the end of the year the company will be able to create a fully autonomous car.

Obviously, by lowering prices, Tesla aims to conquer the market by increasing production by 50% every year. The optimistic scenario is 2 million cars produced in 2023. But surely investors do not like the drop in profits, so TSLA shares fell about 6% in the additional trading session. So expect trading to open today at around USD 170/share (above USD 180 at the close yesterday).

Thus, the price failed to overcome the level (1) of the resistance at USD 210 (we pointed to it earlier). Probably, the scenario will develop with the closing of the gap (2), which can act as support.

This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

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