Tesla is riding a streak of seven straight quarterly profits, and while Musk didn't make any predictions last week, the way Tesla is making money deserves a closer look.
The company's $438 million in net income included $518 million from the sale of regulatory credits to competitors, as well as $101 million from selling some of the Bitcoin it bought this year.
It marked the highest quarterly regulatory credit sales figure in Tesla's history and a 46 percent increase from the same period a year earlier.
Since the third quarter of 2019, when the profitability streak began, Tesla has generated nearly twice as much money from selling credits to competitors as it has reported in net income.
The amount the company has made from credits has risen each of the past two quarters, despite Kirkhorn insisting last year that Tesla was not planning the business around credit sales and does not expect them to be a factor long term.