Tesla earnings: Revenue of $19.335B vs $21.111B expected

- Non-GAAP adjusted EPS 0.27 vs 0.38 expected
- GAAP EPS 0.12
- Gross margin 16.3% vs 15.9% expected
- Operating margin 2.1%
- Adj net income of $934m vs $1.431B exp
- Tariff landscape will have larger impact on energy business compared to autos
- Plans for new vehicles, including more affordable models, remain on track for start of production in H1 2025
Shares are slightly lower initially.