Tesla Q3 2023 Earnings Preview

Unit costs are the risk given the 10% sequential drop in deliveries, but anything less than a 10% miss could usher in a slight relief rally

Oct 17, 2023

∙ Paid

Average Cost Per Unit is the Critical Point Of Q3 Earnings

The biggest question about Tesla’s Q3 earnings results is what happened to COGS/unit as global deliveries fell by 7% QoQ due to “factory upgrades”. In Q2 2022, global deliveries dropped by 18% QoQ due to a one-month COVID shutdown of the Shanghai factory, and COGS/unit spiked by 13.7% QoQ. This c…

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