Tesla’s shareholder meeting gives investors ‘plenty to be optimistic about’

Tesla’s (NASDAQ: TSLA) Cyber Roundup in Austin, or the annual shareholder meeting, ended on August 4, showing the company highlights from their Q2 earnings. Shareholders approved a 3-for-1 stock split, the second in two years, though it’s unknown when this will occur. 

Furthermore, Elon Musk, Tesla’s CEO, announced that the company just produced its three millionth car, with a goal to achieve a ‘2 million vehicle run-rate this year. Musk further pointed to free cash flow generation of up to $7 billion over the past four quarters, driven mainly by the ramp-up in the Model 3.  

Meanwhile, Phil LeBeau, an auto and airline expert, joined CNBC’s Squawk Box to discuss what he saw at Tesla’s shareholder meeting, claiming that Tesla investors can be optimistic. 

“If you were watching the annual meeting last night, and you are a Tesla investor, then there was plenty to be optimistic about. Among the highlights of what Elon Musk talked about, over the course of 45 minutes, after they got through the business of Tesla, is what these annual meetings are all about. They’re planning to name a new Giga factory site likely by the end of this year.” 

He also added:

“A Cybertruck production, they’re going to start putting the tooling in the next couple of months. They expect production by the middle of next year. And total sales in 10 years, think about this, Elon Musk says they will hit 100 million vehicles, at least that’s what he believes is possible.”

TSLA chart and analysis

The long and short-term trends are both positive, with the stock trading in the last month between $675.10 and $940.82. Looking at the yearly performance, TSLA did better than 94% of all other stocks, but it is down over 22% year-to-date (YTD).  

Examining the technical analysis, the support line is currently at $671.88, and the resistance zone is between $925.91 and $926.21.

Other highlights

Other highlights from the meeting included CEO Musk stating that he sees a mild recession in the next 18 months and asked about succession plans; he concluded that he is not planning on leaving the company any time soon. 

In his characteristic manner, Musk explained that the company would continue to run well even if he was ‘kidnaped by aliens.’

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