Tesla, Inc., beat earnings, but Q3 revenue was flat YoY, and operating income fell 56%, so the case for owning it here rests largely on a SpaceX merger. Tesla spent $4.7B on CapEx against $3.7B of cash generated before working capital; that ~$1B gap was covered by paying suppliers later and collecting customer money up front. It's like taking a loan from yourself. That money has to go back out eventually, and CapEx has doubled this year while cash-ex-working capital has been flat.
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