#Teslas_Dirty_Little_Secret: Its net profit doesn't come from #Selling_Cars | "These guys are #losing_money selling cars. They're #making_money #selling_credits. And the credits are #going_away," said Gordon Johnson of #GLJ_Research and one of the #biggest_bears on Tesla (TSLA) #shares.
New York (CNN Business) Tesla posted its first full year of net income in 2020 -- but #not because of #sales to its #customers.
Eleven states require automakers sell a certain percentage of zero-emissions vehicles by 2025. If they can't, the automakers have to buy regulatory credits from another automaker that meets those requirements -- such as Tesla, which exclusively sells electric cars.
It's a #lucrative_business for #Tesla -- bringing in $3.3 #billion over the course of the last #five_years, nearly half of that in 2020 alone. The $1.6 billion in regulatory credits it received last year #FAR_OUTWEIGHTED Tesla's #net_income of $721 million -- meaning Tesla would have otherwise posted a #NET_LOSS in 2020.
Tesla top executives concede the company can't count on that #source of #cash #continuing.
https://www.cnn.com/2021/01/31/investing/tesla-profitability/index.html
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