Thanks to @RonMadison11 for digging up this S&P note from April. Note at bottom: S&P will consider upgrading $TSLA to investment grade later in 2022 if it can sustain 18% auto EBITDA margins ex-reg cred (2Q 19.8%, 3QE 21%+) while ramping up Berlin/Austin. Moody’s is irrelevant. https://t.co/aU7STGJvkT pic.twitter.com/YrS2lMMsK0

— Gary Black (@garyblack00) September 5, 2022