By margins, I'm referring to the car COGS vs selling price, not including the cost of design. (Yes, I know that this isn't the usual yardstick for mature car co

By margins, I'm referring to the car COGS vs selling price, not including the cost of design. (Yes, I know that this isn't the usual yardstick for mature car companies, but we have no idea how many model S/X cars are going to sell before it needs a new platform, and this IS the usual yardstick for Silicon Valley startups.) Twitter revenue is growing much slower than Tesla's, especially if you take into account the pre-orders for Model 3. I agree that some economists/financial people see it the way you describe. That's not the only point of view out there.