I don't think that includes CapEx. So they're making 25% on each car, but they have to spend several billion dollars building a factory to manufacture them that

I don't think that includes CapEx. So they're making 25% on each car, but they have to spend several billion dollars building a factory to manufacture them that turned up on their balance sheet in previous years. In the same way they're making 25% margin on their car, but they're still losing money - because it all goes into building the facilities to manufacture their next model.