Elon Musk-led Tesla reported total gross margin of 19.3 per cent, compared with expectations of 22.4 per cent, according to analysts polled by Refinitiv.
| Tesla on Wednesday posted its lowest quarterly gross margin in two years, missing market estimates as it grappled with aggressive price cuts meant to spur demand in a sagging economy and fend off rising competition.
The company reported total gross margin of 19.3 per cent, short of market expectations of 22.4 per cent, according to 14 analysts polled by Refinitiv. On Wednesday, Tesla said its ASP declined in the first quarter from a year earlier but did not elaborate. It burned $US154 million in cash during the quarter, and would have consumed more but for a $US1.6 billion gain attributed to “proceeds from maturities of investments”.Car sales growth in China was flat in March, according to the China Passenger Car Association.“Tesla’s worrying China sales figures indicate demand for its vehicles is slowing more than expected in the face of rising competition from local EV companies,” said Jesse Cohen, senior analyst at Investing.com.
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