TSLA 2021

That is a 104 pages pdf, what nobody is going to read. I used to read very good analyses on SeekingAlpha and they were all wrong. Tesla is a cult stock it can go either way.

But you could post a TL;DR: of it.
 
Tesla's dirty little secret: Its net profit doesn't come from selling cars

Eleven states require automakers sell a certain percentage of zero-emissions vehicles by 2025. If they can't, the automakers have to buy regulatory credits from another automaker that meets those requirements -- such as Tesla, which exclusively sells electric cars.
It's a lucrative business for Tesla -- bringing in $3.3 billion over the course of the last five years, nearly half of that in 2020 alone. The $1.6 billion in regulatory credits it received last year far outweighed Tesla's net income of $721 million -- meaning Tesla would have otherwise posted a net loss in 2020.
 
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