Tesla's 1Q Likely a Preview of Its 2Q as Model 3 Launch Nears
We are not changing our fair value estimate on Tesla after the company reported first-quarter results with adjusted diluted EPS of a loss of $1.33, versus consensus of a loss of $0.81. Revenue grew year over year by 135% and by 18% sequentially to $2.7 billion, beating consensus of $2.6 billion. Automotive GAAP gross margin increased by 480 basis points sequentially to 27.4% as the company benefited from higher transaction prices and a 13% increase in deliveries versus the fourth quarter to a re...Tesla designs, develops, manufactures, sells and leases electric vehicles and energy generation and storage systems, and provides services related to its products. The company operates as two reportable segments: automotive, which includes the design, development, manufacturing, sales, and leasing of electric vehicles as well as sales of automotive regulatory credits; and energy generation and storage, which includes the design, manufacture, installation, sales, and leasing of solar energy generation and energy storage products, services related to such products, and sales of solar energy system incentives.
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