It would be very challenging for them if the political environment changed and regulatory credits disappeared altogether.

If you back out the regulatory credits they've lost money on every car they've ever sold, for almost 20 years. Where do you get "good margins" from?

This is an example of narrative versus financial data.

You can go broke with 99% gross margins.

They don't make money because they are investing lots of money all the time. People seem to miss that they only launched their first large production cars a few years ago.

Its insanely difficult to start a car company and to scale it to the level Tesla is now with a product that basically nobody else can do profitable is a gigantic achievement.

They are currently building 3 huge new factories.