Musk wrote in his email that even though Tesla was selling more Model 3’s in the December quarter it will make less profit than the September quarter. Wasn't Tesla Supposed To Make More Money As the Model 3 Ramped? Tesla sold almost 56,000 Model 3’s in the September quarter and increased that to just over 63,000 in the December quarter or a yearly run rate of 252,000 vehicles. Tesla should generate about $21 billion in revenue for 2018, and Chowdhry had been forecasting 2019 revenue of $29 billion for a 41% growth rate. Since it doesn’t look like Tesla can do this with a quarter of a million Model 3’s being sold in a year, uncertainty could enter investors minds.

Source: Forbes January 22, 2019 18:11 UTC