2) Tesla notes that Q1 automotive revenue includes $51 million from the sale of ZEV credits.
2) Tesla notes that Q1 automotive revenue includes $51 million from the sale of ZEV credits.*
Assuming that 2012-2014 annual revenues are comprised of the same percentage of ZEV
revenues as was the case in Q1 of 2015, re-compute Tesla’s income after removing the effect of
the ZEV sales and decompose ROE using the revised data.
