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Cash margin on the Model S and Model X


Active Member
Oct 31, 2016
Last edited:
  • Funny
Reactions: wnorris
I remember recently hearing someone mention the cash margin on the Model S and Model X, and I was wondering if anyone had those numbers handy. I'm trying to calculate cash flow form the Model 3 if it achieves a roughly similar cash margin.

By "cash margin," I think Elon means non-GAAP, which excludes stock-based comp, which you can find on investor letters.

FWIW, I'd use 25% for 4Q18 and onward for Model 3. Currently, margins are heavily clouded by depreciation related to Model 3 production equipment, which is designed for much higher than current production rate. This should normalize by 4Q18 at the latest.
  • Helpful
Reactions: strangecosmos

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