Part 5/13:

Margins for vehicle sales generally hover between 15% and 21%, with some historical exceptions during peak periods like the COVID pandemic. Under the less optimistic cases, margins remain at 15%, reflecting higher setup and ramp-up costs, while more optimistic scenarios project margins reaching 25% as production stabilizes and efficiency improves.

Revenue and Profit

Based on shipment scenarios and margins:

• Bare case revenue: Approximately $16 million.

• Base case: Approaching $24-29 billion.

• Bull case: Over $30 billion, with the possibility of breaking into the $40 billion mark.