Tesla sinks as Elon Musk warns of more blows to profitability

📆 2023-07-22 09:01:00

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📆 2023-07-22 09:01:00
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ICYMI Tesla sinks as Elon Musk warns of more blows to profitability

“It does make sense to sacrifice margins in favour of making more vehicles, because we think in the not-too-distant future they will have a dramatic valuation increase,” Musk said, referring to his belief Tesla will eventually offer autonomous-driving capability that will make already-sold cars worth more.

The carmaker’s profit, excluding some items, came to 91 cents U.S. a share, more than the 81 cents U.S. that analysts estimated. Revenue rose 47 per cent to US$24.9 billion, better than the consensus expectation for US$24.5 billion.Article content Automotive gross margin excluding credits slipped further to 18.1 per cent last quarter, the lowest since the second quarter of 2019.Adding to the Austin-based company’s challenges is its growing inventory of cars. The company said it now has 16 days’ worth of supply globally, up from 15 days last quarter and just four days a year ago.

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