The automaker reports a 32 percent drop in profit since Q1
on select models in June. Despite the price increases, the company has broken with its trend of earning more per car each quarter. In Q1 its gross automotive margin was 32.9 percent. This quarter, it was 27.9 percent.that its deliveries have slowed down, dropping by around 18 percent compared to Q1. It also produced around 15 percent fewer cars this quarter compared to last.
Other difficulties the automaker reports are increased prices in everything from raw materials to logistics, higher fixed costs per car due to the closures in Shanghai, and, of course, the aforementioned “Bitcoin impairment.” Culturally, it’s been a turbulent quarter at Tesla. In late April, CEO Elon Musk sold billions of dollars worth of stock in the company to help pay for Twitter (a deal that has been
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