Tesla Q1 2019 Financial Results

The $7500 US Federal Tax Credit was lost for the first time in Tesla's history, dropping to only a $3750 credit. It seems like Q4 2018 "pulled a lot of demand forward".

IE: People who were going to buy Q1 2019 decided to buy Q4 2018 instead, to save $3750 more. Tesla tried to counteract the loss of the tax credit with a $2000 price drop, but that wasn't enough and that also hurts Tesla's margin.

The finale is a bit hard to read:

> As the impact of higher deliveries and cost reduction take full effect, we expect to return to profitability in Q3 and significantly reduce our loss in Q2.

So Tesla is now forecasting a loss in Q2 2019 (!), before growing profitable in Q3 2019.

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The "interesting" number to me is SG&A costs of $703 million, which is up from Q4 2018. I thought that Tesla was closing a lot of stores, which should have dropped SG&A costs down.

Perhaps the expansion to Europe + China counter-acted any drawdown in the US Sales force? Hard for me to understand the number.