, but what's undeniable is the electric-vehicle maker's "industry-leading gross margins," according to Morgan Stanley analyst Adam Jonas.
To illustrate Tesla's margin advantage, Jonas explained that General Motors' 2017-2019 average auto gross margin has been 10.7%, with its 2019 gross margin being 9.8%. Meanwhile, BMW's trailing three-year average auto gross margin has been 16.7%, according to the note. "EVs are profitable and likely to get even more profitable in the years ahead... We think this is very important... and is a story that goes beyond Tesla as it eliminates what historically has been the #1 reason why legacy automakers were hesitant to go 'all in' on the technology," he said. is the dominant player in the EV crowd not only because of its cost and scale advantage but also its "software as a service" and "internet of cars" opportunity.
"These services can include everything from charging $2k for a software update that shaves more than 1 second off your 0 to 60 time, improves your access to available media content, enables various levels of highly automated driving/FSD, insurance products, access to charging infrastructure and a host of other telematic services," Jonas wrote.
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