While I agree with your thought that the quoted comments might be seen in a negative light by some investors who were expecting big profits soon, I think the comments were probably seen in a different sort of negative light in the HQs of every other car manufacturer. Tesla, which is already vastly more efficient at building EVs than everyone else, especially on a cost/range basis, is not satisfied with their already cheaper cars (vs other automakers Loss making vehicles), wants to keep lowering prices as much as possible.
The inevitable conclusion of Tesla trying to forever lower prices at an unmatchable pace is that it ends up with massive marketshare.
I think the immediate impact is being overlooked somewhat.
For instance if Tesla delivers 140k vehicles this quarter at 25% gross margin, that would likely mean $7 billion+ revenue and thanks to operating leverage (gross margin increasing vs relatively static fixed costs) would result in something in the range of $500 million Pre-tax profit that represents room to cut prices, which in turn drives higher demand, which in turn increases operating leverage again, which leads to more profit, which enables further price cuts....
in terms of Q3, $500 million profit would leave room for a 7% drop in vehicle prices. Conceivably we could see a $35k Model 3 SR+ by year end.
I also think people are taking Elon's comment too literally. I don't think Elon worded things as well as he could've. I bet that if Zach had answered the question, he'd have said that Tesla's main goal is to grow, and that they plan to continue to drive prices down through cost savings, but that strong profits will also follow due to growth and operating leverage.
I don't believe that with more operating leverage Tesla will drive down gross margins. I only think that Tesla will drive down prices when gross margins grow, and thus will keep gross margins more or less steady.
Considering operating margins are going to grow tremendously going forward (internally they're modelling low teens percentage wise), Tesla's bottom line profits will grow massively, and also it's gross profits. The only thing that might not is gross margin.
For instance if Tesla delivers 140k vehicles this quarter at 25% gross margin, that would likely mean $7 billion+ revenue
I think it'll be $9Mish. Very likely $10M+ in Q4.
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