Tesla sold 480,000 cars—so why is the market still unconvinced?
$TSLAB Tesla delivered 486,532 cars in the third quarter, comfortably exceeding Wall Street’s previous estimate of around 457,000.
But there’s one detail worth noting.
Although deliveries beat expectations, they were still down 2.1% year over year, and only slightly up from the 480,000 delivered in the second quarter.
Tesla’s problem now is no longer whether it can sell cars, but how much it can still earn on each car it sells.
In the second quarter, automotive gross margin (excluding regulatory credit revenue) was 16.3%, down from 19.2% in the first quarter.
Demand in Europe is recovering, but competition in the U.S. and China remains fierce. After the earnings report comes out on October 21, the main thing I’ll be watching is whether automotive gross margins have improved again.
As for Robotaxi, Optimus, and the new Roadster, they certainly give Tesla plenty of room to dream big, but these businesses will take time to deliver.
Without a significant improvement in margins, a delivery beat alone is unlikely to fully justify Tesla’s high valuation.
#特斯拉交付超预期后盈利修复成焦点
$TSLAB Tesla delivered 486,532 cars in the third quarter, comfortably exceeding Wall Street’s previous estimate of around 457,000.
But there’s one detail worth noting.
Although deliveries beat expectations, they were still down 2.1% year over year, and only slightly up from the 480,000 delivered in the second quarter.
Tesla’s problem now is no longer whether it can sell cars, but how much it can still earn on each car it sells.
In the second quarter, automotive gross margin (excluding regulatory credit revenue) was 16.3%, down from 19.2% in the first quarter.
Demand in Europe is recovering, but competition in the U.S. and China remains fierce. After the earnings report comes out on October 21, the main thing I’ll be watching is whether automotive gross margins have improved again.
As for Robotaxi, Optimus, and the new Roadster, they certainly give Tesla plenty of room to dream big, but these businesses will take time to deliver.
Without a significant improvement in margins, a delivery beat alone is unlikely to fully justify Tesla’s high valuation.
#特斯拉交付超预期后盈利修复成焦点