Oh, you perhaps misunderstand me, friend. I'm saying their revenues are a momentary mirage, the liabilities aren't.

They need income that substantiates the growth game and justifies the outlandish, impossible tidal wave of debt they are raising. Their competitors nipping at their heels and stealing all of their progress, and making it run on commodity hardware to boot, only narrows that field of play for justifying their market growth.

If you're Tesla and unmasking your customer base revealed it was all just BYD all the way down (or, say, something TRULY absurd like everyone found out all of the cybertrucks were bought by SpaceX) then it would cast serious doubt about their viability with the next generation of customers targeted for that product.