Tesla’s third-quarter automotive gross margin was 27.9 per cent, missing analysts’ estimates and down from 30.5 per cent a year earlier
third-quarter revenue missed Wall Street estimates on Wednesday as the electric carmaker led by billionaire Elon Musk delivered fewer vehicles than expected, sparking concerns about softening demand.
The company’s third-quarter automotive gross margin was 27.9%, missing analysts’ estimates and down from 30.5% a year earlier.Tesla’s revenue for the third quarter was $21.45 billion, short of analysts’ estimates of $21.96 billion, according to IBES data from Refinitiv. Tesla achieved record quarterly deliveries largely thanks to its ramp-up in China. But the most prominent proponent of electric vehicles has seen its shares tumble about 50% from record highs last November as investors were spooked by a cooling global economy and Musk’s bid to buy social media company Twitter.
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