Tesla's profit this first quarter, $11 million, was due in part to income from selling EV credits in California to other automakers. Tesla made $85 million not from selling product, but from cashing in on environmental regulations.
This means that when you look at profit and loss from selling cars, Tesla is still losing money, at a rate of about $74 million last quarter. And this is after slowing down R&D work, delaying the Model X, likely to save cash.
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