While Tesla exceeded expectations for both earnings per share and revenue, the results undermined confidence that margins have bottomed, Jefferies analyst Philippe Houchois said in a note to clients.
In January, chief financial officer Zachary Kirkhorn said Tesla expected to maintain a more than 20 per cent automotive gross margin, excluding revenue from regulatory credits. He walked back that forecast in April, after the company dipped below the threshold at the start of the year. Inventory continued to build despite steep discounts on Tesla’s best-selling models, and perks including free charging that the carmaker offered customers.
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