GLONGHUI, April 24 | Goldman Sachs published a research report saying that it is initially believed that Tesla's first-quarter performance was better than the bank's expectations. Among them, the non-GAAP gross margin and overall gross margin of automobiles were higher than the market and the bank's forecasts. Furthermore, it is estimated that the company will seek to use existing production lines to launch new models of cars to save capital expenses and preparation time, which should help ease medium- to long-term growth concerns. Goldman Sachs mentioned that Tesla's revenue for the first quarter was US$21.3 billion, 4% lower than market expectations, but in line with the bank's forecast; after excluding non-GAAP dilution of stock remuneration, earnings per share were $0.45, lower than market expectations, but higher than the bank's expectations. The automobile's non-GAAP gross margin was 16.4%, higher than the bank's forecast of 14.5%; the overall gross profit margin was 17.4%, higher than the 15.4% and 17.1% estimated by the bank and the market respectively. The bank gave it a “neutral” rating, with a target price of $175.