Tesla ($TSLA) stock is slipping after the bell as the electric-vehicle maker reported slight revenue and profit misses and gross margin that dipped below 20% to 19.3% as the cost of recent price cuts hit profitability. For the quarter, Tesla reported Q1 revenue of $23.33 billion, slightly below Street estimates of $23.35 billion, with Q1 adjusted EPS coming in at $0.85, below Street estimates of $0.86. That revenue figure for Q1 represents a slight dip from the $24.32 billion Tesla reported in Q4, but still 24% higher than a year ago. Looking ahead, Tesla still sees 2023 global production of 1.8 million vehicles, with its long-term delivery growth rate staying at 50%. Tesla also said Cybertruck production is on track to begin later this year at Giga Austin, with the company producing "Alpha," or early test versions, of the vehicle.
Tesla instituted a number of price cuts in the U.S., Asia, and some European markets in Q1 of this year. Gross margins dipping to 19.3% may reflect the costs of those price cuts. Tesla slashed prices of its Model 3 and Model Y EVs yet again, in fact bringing one of them below $40,000.The most recent price cut was the sixth one this year by Tesla in the U.S., saw each version of the Model Y SUV slashed by $3,000 each, with the Model 3 RWD (rear-wheel drive) dropping by $2,000 to $39,990. The base Model Y, known as the AWD or all-wheel drive version, now starts at $46,990.
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