Apr. 21 at 9:24 PM
$TSLA From the 10-K, the ones that actually matter:
EV tax credits gutted by OBBBA (signed July 4, 2025). Demand tailwinds are shrinking, not growing.
Elon key-man risk. The 10-K literally says they are “highly dependent” on him. He is also running xAI, SpaceX, X, Neuralink, and Boring Co.
China exposure. Giga Shanghai is the profit engine. Tariff wars equal existential risk to margins.
Regulatory credit revenue is being phased out. That was free money.
Robotaxi regulation is a patchwork mess, state by state and country by country.