Tesla offers handsome profit beat to quell worries on slipping margins
:Tesla on Wednesday reported quarterly automotive gross margin in line with Wall Street estimates, though it was a far cry from a year earlier and before CEO Elon Musk ignited an electric-vehicle price war to quash competition.
Automotive gross margin, excluding regulatory credits, fell to 18.1 per cent in the second quarter from 19 per cent in the first quarter, according to Reuters' calculation. A year earlier it was 26 per cent. Tesla reiterated its expectations of achieving deliveries of around 1.8 million vehicles this year, but said production in the third quarter would decrease slightly due to planned downtimes for factory upgrades.
The company reported revenue in the April-June period of $24.93 billion, compared with estimates of $24.48 billion, according to Refinitiv data.Musk said on the call that Tesla was in talks with a major original equipment manufacturer to license its"full self driving" software but did not name the company. He had previously said the company was open to licensing the driver-assistance system.
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Tesla's margin falls as it boosts discounts to drive demandTesla's gross profit margin dropped to a four-year low in the second quarter after Chief Executive Elon Musk doubled down on a price war with rival automakers, but sales and profit still beat Street expectations. Under pressure from increasing competition and an uncertain economy, Tesla has cut prices and
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Tesla reports sequentially lower quarterly gross margin:Tesla said its gross margin fell in the second quarter from the previous three months, squeezing the electric-vehicle maker's efforts to boost sales through price cuts.The company's shares fell 2.5 per cent in extended trading.Under pressure from increasing competition and an uncertain economy, Tesla
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