This is the kind of structural revenue loss that doesn’t show up until it’s too late. Tesla’s been skating on regulatory credits for years, essentially subsidized by the shortcomings of legacy automakers. Now that the training wheels are off, we’re about to see what the core business can actually do.

I do wonder just how much Elon himself affects sales in the next few years. I for one have a moral obligation to make my next vehicle an EV, but I have an even greater obligation not to fund Musk.