Unlike parent, I agree credits should be included in gross margin, whether positive or negative. Companies in Europe facing significant CO2 fines should have th

Unlike parent, I agree credits should be included in gross margin, whether positive or negative. Companies in Europe facing significant CO2 fines should have that reflected in their reported margins. I don't understand your R&D point though. It's perfectly logical either way to include or exclude it. There's nothing wrong with how Tesla does it, and there's nothing wrong with how the rest of the auto industry does it. It just means you can't blindly compare the figures.