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Dogecoin (DOGE) Network Usage Spikes 120% as Elon Musk’s Launches Tesla Robot EVs FX Empire
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Tesla is going to release its Q2 financial results expected on Wednesday, July 19, 2023.
Electric vehicle giant Tesla Inc (NASDAQ: TSLA) announced its vehicle production for the second quarter on July 02, 2023. During the second quarter, Tesla produced a total of 479,700 EVs and delivered 466,140 units to customers from different parts of the world. Notably, the company’s Model S/X accounted for 19,489 in production during the second quarter but about 19,225 were delivered to customers. Reportedly, about 460,211 Model 3/Y were produced during the second quarter with approximately 446,915 units delivered to global customers.
The production for the second quarter was a notable increase compared to the first quarter. Notably, the company produced a total of 440,808 EV units during the first quarter and delivered about 422,875 to its customers. During the first quarter, Tesla announced a total of 421,371 Model 3/Y were produced but delivered about 412,180 to customers. As for the Model S/X the company produced a total of 19,437 units but delivered only 10,695 to customers.
Tesla Market amid Growing EVs Production
Meanwhile, the company has promised to deliver financial results for the second quarter after the market close on Wednesday, July 19, 2023. The company’s stock market had minimal reactions to the announcement over the weekend. According to the latest stock market data, TSLA shares closed last Friday trading at $261.77, up 1.66 percent during the day. During the after-hours trading session, Tesla shares traded around the same level. Notably, Tesla shares have gained approximately 112 percent YTD with more analysts optimistic of its impressive performance for the rest of the year.
Tesla’s Chief Executive Officer Elon Musk warned investors of the highly speculative nature of the TSLA stock market. Moreover, the company is valued at more than $829 billion but currently makes a small sales margin. Nonetheless, Musk highlighted that the company is confident of its long-term value creation.
“Please advise people to be wary of margin loans. Tesla has always been a high variability stock, often with no obvious rhyme or reason. We are confident about long-term value creation, but cannot control the manic-depressive nature of the stock market,” Musk noted.
The company announced several price cuts for different models during the second quarter to remain competitive among other peers around the world. However, Piper Sandler senior research analyst Alexander E. Potter wrote in a note on June 26, that Tesla investors will feel the pain if price cuts are sustained in the third quarter.
Meanwhile, the company has planned to extend its electric vehicle production to different emerging markets including Mexico, India, and France, among others. As a result, the company intends to ramp up product production for other models including its Semi heavy-duty electric truck, Cybertruck pickup, and robotaxis.
SA readers lose faith in Bill Ackman but love EVs, Dogecoin, Crypto.com and Target Seeking Alpha
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Heading into a new trading week, here is a quick roundup of the top five stories from the technology, corporate and cryptocurrency sectors that investors would not want to miss out on from the weekend.
1. Elon Musk Worth More Than Two Fellow Billionaires Combined: Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk — the world’s richest person with a net worth of $236 billion — is now worth more than Microsoft Corp. (NASDAQ:MSFT) co-founder Bill Gates and Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) founder Warren Buffett combined, it was reported, citing the Bloomberg Billionaires Index. Both Gates and Buffett had once topped the list.
2. Apple To “Unleash” Redesigned MacBook Pros Today: Apple Inc. (NASDAQ:AAPL) is expected to unveil the redesigned MacBook Pro laptops with its more powerful in-house chips at its “Unleashed” hardware launch event on Monday, according to leading Apple watcher Mark Gurman. The new MacBook Pro models will be Apple’s first high-end laptops that would not be powered by Intel Corp.’s (NASDAQ:INTC) chips.
3. Huge Dogecoin Rally Predicted: Justin Bennet, a cryptocurrency market analyst with 78,000 Twitter followers, believes that Dogecoin (CRYPTO: DOGE) could rally 500% to 1000% in the coming months if the meme cryptocurrency reclaims the $0.24 level.
4. Apple Supplier Foxconn’s EV Foray: Apple’s Taiwan-based supplier Hon Hai Precision Industry Co. Ltd. (OTC:HNHPF), better known as Foxconn, announced its foray into the EV segment with the launch of three new electric vehicles at its annual tech day on Sunday. The vehicles include a sports utility vehicle named Model C, a Model E sedan and a Model T bus.
5. Bitcoin Rallies Ahead of Futures ETF Launch This Week: Apex cryptocurrency Bitcoin (CRYPTO: BTC) continued to rally on Sunday after reports suggested that a Bitcoin Futures ETF could begin trading this week. The Bitcoin futures ETF from ProShares will trade with the ticker “BITO,” it was reported by Bloomberg. Bitcoin was up 2.7% during the last 24 hours, trading at $62402.69 at press time.
What Else: Among other stories from the weekend, investors would want to check out Twitter Inc. (NYSE:TWTR) CEO Jack Dorsey’s plan for his fintech firm Square Inc. (NYSE:SQ) to build an open-source Bitcoin mining system, the Dogecoin knock-offs that are surging on Sunday, the “Big Short” investor Michael Burry’s disclosure that he is no longer betting against Tesla, and Facebook Inc.’s (NASDAQ:FB) plan to create 10,000 jobs in the European Union as it attempts to build “the metaverse.”