The news on Tesla is still mixed. Not negative, not positive.
EPS estimates have recently tumbled lower due to demand shortages and prices cuts. TSLA was able to edge past this evening those deflated estimates, but I wonder if that will be enough to keep this upward momentum going.
As anticipated, automotive gross margin took a pretty big hit, sliding lower by 466 bps yr/yr to 25.9%. While TSLA reported that ASPs were up on a yr/yr basis, they almost certainly were lower on a qtr/qtr basis.
The company adjusted its guidance, which could be throwing some investors off. The past few quarters, TSLA has said that it expects to achieve 50% average annual growth in vehicle deliveries over a multi-year horizon. Today, the company said its growing production in alignment with the 50% CAGR target it previously guided to, adding that it some years it may grow faster and some slower.
For 2023, TSLA says it "expects to remain ahead of the long-term CAGR with around 1.8 mln cars for the year." If TSLA delivers 1.8 mln cars in FY23, that would pencil out to yr/yr growth of 37%, which is obviously below that 50% figure.