I would say they could be fraudulent, certainly in the gray zone. Their profit in 1H 2020 was just $120M despite receiving $780M from regulatory credits, which is not sustainable and scalable. If governments stop giving Tesla money, they're deep in the red again.
You're moving the goal posts. They're profitable, and the fact that a large part of their revenue is regulatory credits doesn't change that. There's a risk that they may not receive regulatory credits in the future, but we're not there yet.
