Part 2/14:
Tesla experienced a worrying decline in auto gross margins over five consecutive quarters, culminating in a turnaround in Q4. This rebound is attributed to several factors, including lower lithium prices—crucial for battery costs—and the easing of Cybertruck ramp-up pressures. As the Cybertruck production stabilizes and ramps up, margins are expected to improve further in Q1, potentially continuing the upward trend.