Not entirely. Total Revenue: 4,046,024 Cost of Revenue: 3,122,521 Gross Profit: 923,503 R&D: 717,900 Selling, General, & Administrative: 922,232 Total OpEx: 1

Not entirely. Total Revenue: 4,046,024 Cost of Revenue: 3,122,521 Gross Profit: 923,503 R&D: 717,900 Selling, General, & Administrative: 922,232 Total OpEx: 1,640,132 Loss from Operations: (716,629) /* snip some other line items */ Net Loss: 888,663 http://secfilings.nasdaq.com/filingFrameset.asp?FilingID=11165155&RcvdDate=2/10/2016&CoName=TESLA%20MOTORS%20INC&FormType=8-K&View=html http://secfilings.nasdaq.com/filingFrameset.asp?FilingID=111... So it's not all just R&D. Their revenue and cost of revenue includes their resale value guarantee and lease programs. I'm not enough of an accountant to know which way these tilt the numbers. Their resale value guarantee probably will help them maintain a high sticker price.