• In Q1-2023, TSLA’s revenue rose 24% YoY, beating our estimate by 6%, due to stronger than expected sales. However, EPS fell 23% YoY (2% below our forecast) due to margin erosion (gross margins were down 10 ppt YoY) from higher raw material/manufacturing/logistics costs, and as Tesla has been slashing vehicle prices (down 9% YoY).
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