Tesla TSLA confirmed that 4680 battery cells had been made. They made their 20 millionth cell at Gigafactory Texas. In June, the company that invented EVs said that Giga Texas had made its 10 millionth 4680 battery cell. The automaker doubled the number of battery cells it had before in just 16 weeks, and now it makes an average of 625,000 cells per week.
At Battery Day in 2020, Tesla showed off the 4680 battery cell. The company came up with the cell as a way to make vehicles last longer, have more power, and go farther. The car company said the new design can cut costs by more than half. Model Y has a few 4680 battery cells built in. These battery cells are important for Tesla’s new vehicle program, like Cybertruck, according to Electrek. The program should start production and delivery by the end of the year.
Elon Musk, the CEO of Tesla, said last year that 4680 batteries would be very important to the company’s plans for 2023. The newest version of Tesla’s Model Y comes with a lithium ferrophosphate battery, which is good for standard-range cars since it has less density.
The 4680 batteries are great for vehicles with long ranges and high power needs, so Cybertruck can use them. The truck will probably be used for business and construction tasks. Tesla made and delivered 430,488 and 435,059 cars in the third quarter, less than the 479,700 and 466,140 cars it made and delivered in the second quarter. It was said that planned downtimes for factory upgrades were the main reason for the drop in volume from one period to the next.
Zacks Rank & Key Picks
TSLA has a Zacks Rank of #3 (Hold) right now.
Auto companies like Adient plc ADNT, Allison Transmission Holdings, Inc. ALSN, and Magna International Inc. MGA are among the best in their fields. Each of ALSN and MGA has a Zacks Rank #2, which means “Buy.” ADNT has a Zacks Rank #1, which means “Strong Buy.” The full list of today’s Zacks #1 Rank stocks can be found here.
The Zacks Consensus Estimate for ADNT’s 2023 sales and earnings shows that they will grow by 9.1% and 1,790.9%, respectively, from the previous year. This number for EPS in 2023 has gone up by 15 cents in the last 60 days. In the last week, the estimate for 2024 EPS has gone up by one cent.
The Zacks Consensus Estimate for ALSN’s 2023 sales and earnings shows increases of 9.3% and 26.4% year-over-year. In the past week, the estimates for EPS for 2023 and 2024 have gone up by 12 and 19 cents, respectively.
The average estimate from Zacks for MGA’s 2023 sales and profits is for growth of 13.2% in sales and 31.2% in profits year over year. In the last 60 days, the value of EPS for 2023 has gone up by 8 cents. This number for EPS in 2024 has gone up by 14 cents in the last 90 days. Want to know what Zacks Investment Research has to say about new investments? You can get the 7 Best Stocks for the Next 30 Days today.
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