(Updated - May 9, 2018 12:18 PM EDT to reflect an adjustment to numbers after the analyst talked to Tesla today)

Vertical Group analyst Gordon Johnson provided a break-down of how he derived Tesla (NASDAQ: TSLA) Model 3 Losses of $13.9K per vehicle in Q1.

Update: After clarification from TSLA this am, the loss-per-Model 3 was actually $13.885K in 1Q, and the gross margin in 1Q18 on Model 3 cars was -26%. The margin on model S/X was 25.8%. They had cars sold at 27.410K when the actual number was 27.597.