Tesla's (TSLA.O) third-quarter gross margin shrank from a year earlier as the electric automaker slashed prices to boost demand in the face of higher interest rates.
The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. REUTERS/Matthew Childs/File Photothird-quarter gross margin shrank from a year earlier as the electric automaker slashed prices to boost demand in the face of higher interest rates.
The company has since January resorted to steep price cuts and discounts, including reductions of more than 6% across models in the third quarter, to propel sales at a time when overall demand is under pressure. Investors and analysts expect more price cuts as the automaker aims to deliver a record 476,000 vehicles in the fourth quarter to meet its annual target.
Wall Street had on average expected Tesla to post a margin of 18.02%, according to 21 analysts polled by Visible Alpha. According to LSEG data, an average of 17 analysts polled expected gross margin of 18.25%.
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