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Okay, so people really need to understand what's going on at Tesla and their profits because while things aren't great, it's not as dire as you might be hoping.
Are their profits down, absolutely.
Does Tesla get a lot of money from ZEV credits, yes.
Are things as dire as everyone seems to be thinking, not quite.
Tesla knows they are getting the ZEV credits, and have for years, and they plan their business around it. All those years, and even this quarter, where someone looks at it and says, they only made a profit because of those credits, misses the point entirely (although this quarter I'm sure was unexpected for them)
When you know you have 400-500 million in credits coming in, that means you can plan to spend 400-500 million extra on capital expenditures and R&D and that's what they do. Tesla is spending billions on capital expenditures and research & development to expand, making their own battery cells, building a lithium refinery, scaling their energy business by building 2 new factories (1 in California, 1 in Shanghai), building a massive AI datacenter etc.
It's always been like this at Tesla. They've always been highly profitable if they wanted to be, but have been plowing money back into the business.
So yes, there have been many years or quarters where their profits were entirely ZEV credit based, but that's intentional. Its how you grow a business.
If this sales slump continues, all they need to do is slow growth, or not slow growth because they have something like $35 billion in cash and almost no debt. Is slowing growth bad? Absolutely. But they aren't going to be magically losing money unless they choose to not slow growth and take the hit. (Note: The cybertruck might be the exception there, that might be a money pit)
Is this bad for the stock price? Hell yes.
Is Tesla in dire trouble? Not really.
But what if that income disappears?
Then they spend 400-500m less on capital expenditures or research and development. It means slower growth and give others an advantage, but it's not the end of the world.
That or they say fuck it and eat into their 35b cash for a bit.