Tesla, Inc. remains rated Strong Sell due to extreme valuation, weak margins, and negative free cash flow despite recent delivery and revenue beats. Q2 revenue rose 26% YoY, but operating margin collapsed to 1.4% and free cash flow was negative ~$1.1 billion, with CapEx surging and new debt facilities secured. Automotive gross margin excluding credits fell to 16.3%, energy margins halved, and GAAP net income was heavily reliant on mark-to-market gains from SpaceX holdings.
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