While this is true, even if you exclude that the numbers are quite good. You are also not talking about operational profit, growth in that is often the preferre

While this is true, even if you exclude that the numbers are quite good. You are also not talking about operational profit, growth in that is often the preferred number to look at. And because of the amazing stock growth a huge amount of stock options had to be payed. This was a p eak payment and will go down again next quarter. A 20%+ margin on automotive without credits is quite fantastic actually, and that really is the core buissness people should be paying attention to. What you mention as 'core buissness' includes building multiple new factories at the same time, its not really comparable with other companies in this buissness. With Q4 we are looking at a further increase in overall sales, only slightly growing operational spending, and a drop in SGA. Q4 will finally stop the 'its only credits' storyline. That said, even years after people said credits will soon be over, the reality is that they are gone continue to increase as Tesla delivers more vehicles they actually get more credits, even when the value per credit goes down. We have been hearing the 'credit end next year' story so often that its almost a meme now. With auto makers continuing to go into SUV and Europe, China and California making pushing up requirements, there is little indication that every car maker will always manage to balance their fleet.