### Comment:
Low margins are expected up to the end of Q2 this year. They are at a point in time where they have spent most of the capex that is needed for the factory but haven't been able to realize profits yet because of other production bottlenecks (mainly vehicle assembly). Because of that their margins are much lower now than they will be once they are done spending and at a high level of constant production.

### REPLY:
Tesla's EBITDA is negative. Even without interest, taxes, depreciation, or amortization they wouldn't be making money.

### END.