At 22% profit without credits that means with credits they're making say at least $40k profit per car sold. This is like 1/4 year of sales... but they need ever more money, now? Why? Maybe Model X reservations are cannibalizing S sales? Or they need to throw money at 3 because the competition is going to have an equivalent car out sooner? Or so battery factory comes online before LG Chem's new production?
This doesn't add up for me. It seems to me either their accounting is not accurate or they are seriously far behind the competition.