You are conflating "net income" (profit) with revenue. I do not disagree that the vast majority of profit was generated by selling credits, but revenue is how most people measure value for corps (this is how Amazon could be an amazingly valuable company while not turning a profit for years). Re-read the last para in my other comment for another example of why you don't use profit to benchmark "value".

Even the emission credits being "pure profit" is misleading, given that the only reason Tesla can sell those is because of the cars/batteries/etc they are producing, so realistically the cost of producing those things should be deducted against the revenue generated by selling the credits.