Agree, this is where Amazon is at the extreme, growing but profitless. Dont think Tesla will do that, but if 50% growth for the next 3 years means a 20% Auto gross margin, I will take that. While these numbers seem to be too good to achieve, note that FSD revenue is likely falling directly to the bottomline (99% margin?) adding a couple of points.Not seeing the 40% growth is the reason the share price is where it is at. Personally, I want Tesla to push the grown at the expense of margins. Keep up the 40% growth and the market will reward the stock price even if margins aren't that good.
Hypothetically Lets say Q4 is 25% Auto GM. Add 1-2% points for FSD revenue recognition and take out 6-7% points for lower pricing. So 20% Auto GM with 50% growth sounds achievable. For reference, Q3 was just shy of 28% Auto GM.