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Tesla's Leases as a % of Deliveries have been trending higher as it started offering the Model 3 under its leasing program in Q2 2019Lease Sales as % of Deliveries have grown from 3% in Q3'18 to over 9% in Q3'19 , as the Model 3 was added to the company's leasing program.About 8% of Model 3 deliveries came via leasing in Q3 2019. In comparison, about 15% of Model S/X customers opted for leasing.
Leases as % Deliveries [A/B]
Total Deliveries [B]
Lease Gross Margins are well ahead of Automotive Sales Gross Margins (47% vs. 22% in Q3'19) and the higher mix of Leases are helping Tesla's overall MarginsGross Margins for leases are higher likely due to the fact that Tesla keeps the vehicles on its balance sheet with Cost of Sales on leases primarily relating to the depreciation of the leased asset.It's possible that some expenses are being excluded compared to outright sales, which account for all manufacturing related costs.
Automotive Lease Gross Profit
Automotive Sales Gross Profits
Overall Automotive Gross Profits
Tesla's Leases are generally more expensive compared to buying outright and are also higher than rival manufacturers leasesAs of May, a lease on a Model 3 had an APR (annual percentage rate ) of about 6% compared to under 4% offered by BMW Financial Services.For instance, under a lease, a customer would pay close a total of about $22k to lease a Standard Range+ Model 3 over 3 years. In comparison, a new vehicle costs about $39k after federal Tax rebates.
Tesla Model 3 Lease APR
BMW Financial Services APR