Tesla’s margins remind us that it’s an automaker, not a tech company

Tesla’s stock is worth more than that of Ford, General Motors, Toyota, Volkswagen and Stellantis combined. Despite the fact that Tesla is an automaker, it’s valued as more of a tech company, with a share price that puts it in the camp of companies like Apple, Nvidia and Microsoft. 
But that share price took a hit this week after the company reported declining auto gross margins in the second quarter. Tesla’s stock closed $291.26 Wednesday after reporting earnings, but has since fallen to $261.56 at the time of this writing. 
Tesla’s once-robust margins have been in steady decline since Q2 2022

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