Margins are highest in the US market (especially considering ZEV credits). Model mix may differ, but they’re shipping their lowest end models to Europe and China; those would be more profitable to sell in the US.
Please don’t copy/paste answers. Tesla does not publish an ASP breakdown by market AFAIK. But what we do know is Tesla always sells highest margin SKUs first into new markets and then eventually sells down-market over time.
In their Q3 report they said “Despite reductions in ASP of Model 3 as global mix stabilizes, our gross margins have strengthened.”
In other words, their global deliveries benefit from higher ASP while they were initially delivering only the fully loaded models.
We can also look at base price of the SR Model 3 and see a basic case for higher ASP internationally, but it’s a very tricky analysis to try to back out taxes and transportation costs.
