Tesla’s surprise profit came despite the dive in revenue from customers in the United States — its largest market.
that global deliveries for the quarter rose a higher-than-expected 1.9% to 97,000 vehicles, though most of that growth came from sales of the Model 3 — its lowest-profit-margin vehicle.
Although it was known that the automaker was emphasizing global expansion last quarter, the document adds clarity to the extent of the regional shift. The United States, China, the Netherlands and Norway have long been the biggest markets for the company’s all-electric cars. While sales in China — the world’s largest auto market — rose to $699 million from $409 million, a category known as “other” — which includes several countries — grew to $1.8 billion from $784 million.
Tesla also said in Tuesday’s filing that it reduced costs due to manufacturing efficiencies and unspecified “commercial negotiations with suppliers.” Panasonic Corp., which makes battery cells for Tesla and is the company’s largest supplier, didn’t respond to a request for comment.At least one analyst was unimpressed. Craig Irwin, an analyst at Roth Capital Partners, downgraded Tesla to “sell” from “neutral” over concerns that the automaker’s gross margins are unsustainable.
“The filing from Tesla shows warranty adjustments and other one-time items are a large driver of perceived strength,” Roth said in a note Tuesday. The company got a one-time $55-million benefit in part by reversing certain warranty provisions, he said.
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