Well, there's different ways to calculate those numbers.  If I had to guess, Tesla was referring to EBITA and the WSJ is calling them unprofitable after interest and taxes.<p>At any rate, it's ridiculous to try and claim that they don't have a business model.  If they're selling the cars for more money than the incremental unit cost, then they do indeed have a profitable business model.<p>They may not be selling enough of them yet to have a profitable company but claiming that they don't have a business model is just being obtuse.<p>Are you claiming that in 2001, Amazon had no business model?  Because that would be the same thing.