---
type: "Topics"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/topics/29078562.md"
description: "$Tesla(TSLA.US)Quick Interpretation: Overall, Tesla delivered a seemingly disappointing report this time. In terms of top-line revenue, Q1 total revenue was $19.34 billion, lower than Dolphin Research's consensus expectation of $21.4 billion and some major banks' expectations of $20 billion. However, in terms of gross margin, Tesla's Q1 gross margin was 16.3%, slightly higher than the market expectation of 16%.As for the market's most concerned car sales business, Q1 total revenue was $14 billion, lower than the market expectation of $15.5 billion. However, after Dolphin Research analyzed the pure car sales price (excluding carbon credit impacts), they found the corresponding car sales price was $40,000, up from $39,800 in the previous quarter. Dolphin Research believes this is acceptable, mainly due to the higher starting price of the new Model Y Juniper, which partially offset discounts and incentives for inventory Model Y vehicles.The gross margin for the pure car sales business (excluding carbon credit impacts) reached 12.5%, down 1.1 percentage points from the previous quarter. However, due to the low sales volume in Q1 and the impact of Model Y Juniper's production launch, the market had already anticipated this, with the consensus expectation at 12.2%. Some major banks were even more pessimistic, expecting it to drop to 11%-12%, so this performance exceeded market expectations.Additionally, since Q1 is typically the bottom for car sales, Dolphin Research focuses on several key issues:1) Will the budget Model 2.5 still be released?Based on the current earnings report, it seems the budget Model 2.5 will still be produced in the first half of 2025. Pay attention to whether the earnings call provides more details about this model.2) Will the 2025 sales forecast still maintain year-over-year growth?Currently, Tesla has not reiterated its guidance for year-over-year sales growth in 2025. Tesla stated it will provide guidance in Q2. Since 2025 car sales are closely tied to the production and sales plan for the Model 2.5, Dolphin Research believes this model's planning is crucial.3) Is Robotaxi progressing as planned?It appears Robotaxi is still on track for a pilot launch in Texas in June.4) Is Optimus on schedule according to previous guidance?For details, please follow Dolphin Research's upcoming earnings analysis."
datetime: "2025-04-22T23:39:07.000Z"
locales:
  - [en](https://longbridge.com/en/topics/29078562.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/29078562.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/29078562.md)
author: "[Dolphin Research](https://longbridge.com/zh-HK/news/dolphin.md)"
---

> 支持的語言: [English](https://longbridge.com/en/topics/29078562.md) | [简体中文](https://longbridge.com/zh-CN/topics/29078562.md)


# $Tesla(TSLA.US)Quick Interpretation: Overall, Tesl…


### 相關股票

- [Tesla (TSLA.US)](https://longbridge.com/zh-HK/quote/TSLA.US.md)

## 評論 (40)

- **crystal婵 · 2025-04-25T16:05:21.000Z**: 280 is so accurate
- **自然熟 · 2025-04-24T14:31:21.000Z**: Just sold another call option on the 2x leveraged Tesla ETF, expecting a pullback in TSLA 😂
- **达康同志 · 2025-04-24T07:34:37.000Z**: Rise a bit to leave enough space for short interest
- **扶摇直上900亿 · 2025-04-24T04:27:28.000Z**: I'm looking for the -66 data as an objective indicator.
- **加油鸭加油鸭 · 2025-04-23T12:16:12.000Z**: Let's go! Let's go!
- **懂王说要稳扎稳打 · 2025-04-23T09:40:16.000Z**: Yes, that's totally fine
- **Trader Jio · 2025-04-23T09:32:05.000Z · 👍 1**: What do you guys think, is there a possibility that they're currently luring in the naive investors first, then suddenly pulling the rug to harvest another batch of people? 😅😅 Let's rationally analyze this together
  - **金叉买入** (2025-04-23T16:12:42.000Z): Congratulations, you guessed it right
- **风口上的猪丶 · 2025-04-23T02:43:58.000Z · 👍 1**: Given the circumstances, this performance seems pretty decent. What would it be like without these impacts?
  - **Dolphin Research** (2025-04-23T07:01:15.000Z): Alright, the performance is indeed good.
- **一路狂奔，冲破束缚 · 2025-04-23T01:39:10.000Z · 👍 1**: According to Reuters, Trump's credibility has decreased, and after the fallout with Trump, there are too many problems. Tonight's rebound is 212.
  - **Dolphin Research** (2025-04-23T01:50:49.000Z): There are people with 280 upstairs and 220 downstairs😂
  - **多云转晴天** (2025-04-23T02:26:48.000Z): Dare to short it then
  - **蒙头干** (2025-04-23T07:39:29.000Z): Haha, will it come true?
- **保命要紧 · 2025-04-23T00:40:37.000Z**: Okay
- **尘凡 · 2025-04-23T00:34:44.000Z**: Back to 220 in the evening
- **顺势只赚取有限的利润 · 2025-04-23T00:29:30.000Z · 👍 3**: Tesla will return to the 280 position tonight
  - **坚定的持有勇敢的操作** (2025-04-23T01:16:45.000Z): The person upstairs said it would go back to 220, let's see who's right
  - **Dolphin Research** (2025-04-23T01:53:12.000Z): Based on last night's closing price, it needs to rise nearly 20% to reach 280, bro?
- **Q718 · 2025-04-23T00:27:22.000Z · 👍 1**: Thanks for the summary
  - **Dolphin Research** (2025-04-23T01:50:59.000Z): 🌹
- **量子投Z · 2025-04-23T00:12:26.000Z**: the last kick of a dying horse
- **嘎嘎鱼 · 2025-04-23T00:03:30.000Z · 👍 16**: Do people still look at financial reports when buying stocks now?🤪😂
  - **Dolphin Research** (2025-04-23T01:46:36.000Z): LOL. Praying every day that Trump doesn't pull any stunts.
- **Neozzz · 2025-04-22T23:54:49.000Z · 👍 12**: meme 股不需要分析
- **tigerinmotion 之天地过客 · 2025-04-22T23:54:14.000Z · 👍 20**: It's purely about the premium on the trading pair MUSK's "prodigal son returns", the market's obsession with this is really something else.A humanoid robot with no trace, shrinking cash flow in the main business, shrinking market share, and a vision of autonomous driving that's also being pr
  - **坚定的持有勇敢的操作** (2025-04-23T00:21:32.000Z): Fake it until you make it
  - **渴望复活的我** (2025-04-23T00:58:43.000Z): Let me ask, when everything you mentioned is implemented, will there still be buying opportunities and prices for you?
  - **mousexxx** (2025-04-23T01:23:10.000Z): New to the stock market? Or got hurt too deep?😂
- **不碰中概股 · 2025-04-22T23:53:50.000Z · 👍 1**: Monday morning quarterback
- **二号铲屎官 · 2025-04-22T23:51:04.000Z · 👍 1**: Good question
- **新用户_AU9OB · 2025-04-22T23:47:27.000Z · 👍 7**: Up 10%, need analysis?