Deterioration in Tesla's Core Business

2 charts showing the deterioration in Tesla's core business.

These two charts below show Tesla’s core business has pretty much gone nowhere in the last few years.

1. Tesla Revenues, Gross Margins and Operating Margins all faltering

2. Tesla GAAP EPS trend for the last 17 Q

Although we now know the narrative is focused mainly on FSD + robotics and less on the auto business.

Interesting times ahead for Tesla as it’s core business loses it’s prominence (Revenue likely to decline for third year in a row) but investors hopes lay firmly on the success of future bets.

Thanks for reading.