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Expand chart
Data: Investing.com; Chart: Axios Visuals

Tesla’s third-quarter revenue fell by $2 billion, or almost 40%, in the U.S., a regulatory filing released Tuesday showed, the company's first drop in more than two years.

Worth noting: However, sales outside the U.S. jumped, with China sales growing 64% to $669 million.

The big picture: Tesla is sacrificing sales of its higher priced vehicles and in higher value markets like the U.S. to focus on growing its low-cost Model 3 and increasing market penetration in China.

  • Critics say this will destroy Tesla's thin profit margins, while Tesla bulls argue it will boost scale and make the company a household name worldwide.
  • The stock has risen more than 30% this month, but is less than 2% higher than its price at the start the year.

What they're saying: “Musk & Co. are laser-focused on Europe and China for growth, while domestically, core demand is fading relative to other regions,” Wedbush analyst Dan Ives told CNBC, adding that U.S. growth will remain more challenging going forward.

Yes, but: Analysts at Roth Capital on Tuesday downgraded Tesla shares to sell, calling the company's margins "unsustainable." They note that the Q3 filings shows warranty adjustments and other one-time items were "a large driver of perceived strength" in Tesla's Q3 earnings report that resulted in the stock's big gains.

Go deeper

4 mins ago - World

Abbas announces first Palestinian elections in 15 years

Abbas is 85 and in the 15th year of a 4-year term. Abbas Momani/AFP via Getty

Palestinian President Mahmoud Abbas published a decree on Friday announcing the dates for parliamentary and presidential elections in the Palestinian Authority.

Why it matters: This is the first time in 15 years that such a decree has been published. The last presidential elections took place in 2005, with Abbas winning, and the last parliamentary elections took place in 2006, with Hamas winning.

Updated 10 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus deaths reach 4,000 per day as hospitals remain in crisis mode — America has tuned out the coronavirus at the peak of its destruction — 1 in 3 people in L.A. County believed to have been infected with coronavirus.
  2. Politics: Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan— Widow of GOP congressman-elect who died of COVID-19 will run to fill his seat — Joe Biden will seek nearly $2 trillion in COVID relief spending.
  3. Vaccine: Battling Black mistrust of the vaccines"Pharmacy deserts" could become vaccine deserts — Instacart to give $25 to shoppers who get vaccine.
  4. Economy: Unemployment filings explode againFed chair: No interest rate hike coming any time soon —  Inflation rose more than expected in December.
  5. World: WHO team arrives in China to investigate pandemic origins.
Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

Trump blocks banks from limiting loans to gun and oil companies

Illustration: Sarah Grillo/Axios

Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.

Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.