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1/ The games $TSLA plays. In Q3, GHG revenues were $137MM, but we didn't learn that until the Q came out. Instead, we first learned only the much lower $52MM ZEV number.
2/ This time, we get indirect dislosure:
"GAAP Automotive gross margin slightly decreased to 24.3% in Q4 from 25.8% in Q3 primarily due to lower regulatory credit sales in Q4....
"GAAP Automotive gross margin slightly decreased to 24.3% in Q4 from 25.8% in Q3 primarily due to lower regulatory credit sales in Q4....
3/ ...Non-GAAP Automotive gross margin decreased to 24.7% in Q4 from 25.5% in the prior quarter due to a $43 million decline in non-ZEV credit revenue and negative impact from Chinese import duties."
4/ Okay. Non-ZEV decline $43MM. So, 137 - 43 = $94MM of GHG credits. So, congratulations, $TSLA longs. Two-thirds of your GAAP profit was from GHG revenues. Which you won't be earning in Europe in Q1.
