Tesla misses earnings estimatesAutomotive deliveries of 480,126 in the quarter, compared to the consensus estimate for 406,024, contributed to revenue beating expectations. However, on every other headline metric, Tesla missed expectations, even with revenue coming in $652 million higher than modeled. Both cost of goods sold (COGS) and operating expenses came in higher than expected, negatively affecting gross margin and operating margin, respectively. Based on the consensus automotive revenue estimate of $20.05 billion, and the delivery consensus, Tesla's automotive revenue per delivery would have been $49,376. If Tesla demonstrates better progress on that front, investors will be more accepting of increased costs and a less favorable sales mix.