Yeah, except the SG&A is not incuded in cost of goods sold (COGS) and not part of gross margin calculation. So it is not apples to apples gross margin comparison against other automakers. Please check the quarterly letters sometimes, Here is from Q4 2016.
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$435M/$2284M = 19% gross margin. SG&A has been clubbed in Opex, to artificially inflate the gross margin.
If even half of the SG&A was cost of operating the stores & service centers ( I suspect more) and subtracted from gross profits, the gross margin will be < 10% easily.
What's fishy is that the services revenue is included in total revenue, but its cost is excluded from COGS.
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