And half of Tesla's revenue comes from EV credits, which are set to end in September of this year.

What happens when EV subsidies end? Tesla is not breaking even. They will be hemorrhaging money without EV incentives.

For Tesla's Q1, people were saying "oh, you just have to wait for the new, refreshed models". But now they're out, and STILL nobody is buying them, despite EV sales increasing by 20%.

What now?