What Was Wall Street's Take On Tesla's Q1 2023 Earnings?

Some analysts were disappointed with Tesla’s gross profit margins, which landed beneath Wall Street expectations of 21 percent at just 19 percent.

“We’ve taken a view that pushing for higher volumes and a larger fleet is the right choice here versus a lower volume and higher margin,” Musk said. “However, we expect our vehicles, over time, will be able to generate significant profit through autonomy.” Baird analyst Ben Kallow retained a $252 price target and a Buy rating on Tesla following the call, emphasizing positive hopes for the company in both the near and long terms.

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