RBC Capital Explains Tesla's (TSLA) Auto Gross Margin Strength, PT Raised to $745

July 27, 2021 7:20 AM EDT
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RBC Capital analyst Joseph Spak raised the price target on Tesla (NASDAQ: TSLA) to $745.00 (from $718.00) while maintaining a Sector Perform rating after the company reported Auto GM ex-credits hit a record (since Model 3 launched) of 25.8%, which was +380bps q/q, +710bps y/y.

The analyst stated "Volumes were higher, but cost improved. In particular, we believe a good part of
this improvement is because Tesla is now using Shanghai as the "primary vehicle export hub.” This highlights Shanghai Model 3/Y profitability vs. Fremont 3/Y and Tesla is now serving Europe via China."

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