My projections versus Q4 2020:
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Thank you for your analysis. It's much rosier than I expected (which is great). Some questions:
- Did you account for the S/X line workers who have not been productive for an entire quarter but (presumably) still had to be paid?
- Have you taken into account that the margin on MIC Model Y may not be great yet as production has just started ramping?
- Did you account for the big price cut on the 5,500 French Model 3 cars (the price was cut in order to qualify for EV subsidies). The cuts were €5,000 for LR, €4,000 for SR+ and €3,000 for P.
- Why do you think regulatory credits will increase Q on Q? Q1 is usually a slower month for many OEMs, so wouldn't that translate to fewer ICE cars to compensate for? Or do you expect the stricter EU rules for 2021 to cause credit payments to go up?
- What is the 51 mln loss in Other Operating Income?
Thanks!