Noteworthy 1Q point — $TSLA has literally run out of debt:
- $17.5B cash vs $4.8B debt
- Non-recourse debt $0.1B (v $1.4B 4Q).
- 1Q free cash flow $2.2B vs $0.3B 2021/1Q
- 1Q int coverage 60x!
With these ratios, I’d be shocked if S&P doesn’t raise TSLA to invest grade now.

— Gary Black (@garyblack00) April 20, 2022