EV HOUSE OF CARDS-\\ Q: HOW DUMB ARE INVESTORS? A: during the March-ended quarter, Tesla's $589 million in pre-tax income derived entirely from unsustainable sources. It generated $595 million from regulatory tax credits sold to other automakers (which it receives for free from governments), as well as $309 million in net interest income, after interest expenses. If not for tax credits and net interest income, Tesla would have reported a $315 million pre-taxlossin the first quarter.