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We know Tesla’s deliveries were a blow-out positive (yet the stock somehow sank). With that in mind and knowing how stale and useless sell-side analysts can be, we probably see some upside to FCF vs. the $3.6B drain expected (but still in the red). Investors will be most focused on the automotive gross margin as outlined in the estimate table below, but noting similar staleness and a higher bar than what you see on paper: