Tesla Q1 bullet points.
-Tesla’s Q1 unit sales were flat compared to 4Q: 29,980 compared with 29,967. However, you have to look at the mix and compare with the promises and guidance.
-Model S and X combined were 21,800, down 23.3% from 28,425 last quarter. Those are the products with positive gross margin.
-Model 3, which carries negative gross margin, fell well short of the 13,800 consensus estimate, at only 8,180 units sold. That’s a miss of more than 40%.
-Tesla stated on February 21 that Model S and X were seeing an increase in demand. Considering a 23.3% sales decline, make of that statement what you wish.
-This 21% miss on the unit top line ought to mean that we will see reductions in analyst estimates in the coming hours.
I'd also expect..given all this...Tesla shows a quarterly loss of $800M-$1B !