Tesla's revenue grew by nothing last quarter. $28.05B against $28.10B a year ago, after quarters that grew 15.8% and 25.5%. Profit fell about 43%. The part that goes unsaid: for two years a large share of operating profit was never a car. $TSLA sells regulatory credits to carmakers short of them, and nothing is built behind that revenue. Latest filed quarter: $146M of $398M of operating income. More than a third. At the peak it was $890M in one quarter. GM filed the day before. Four times the profit, better than double the margin, about a twentieth of the market value.
13F ProShare
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