Skeptics pointed to the compression of gross margins, down from 25% to 18.2% year-on-year at the same time, and the apparent stagnation of profits and cash flow for at least six quarters; they also point out that growth seems to have slowed significantly this year.

However, these trends reflect Elon Musk's strategy, which favors volumes over profits, with a view to monetizing the company's fleet of vehicles at a later date through, for example, access to navigation or autonomous driving software.

On the other side of the coin, the fans, the optimists and the less skeptical have plenty to get their teeth into. First of all, they'll point out that despite the drop in sales prices, Tesla's operating margins remain twice as high as the average for other automakers.

In terms of vehicle production, growth has been remarkably sustained - almost doubling over the last two years - and this is an undeniable industrial feat, all the more admirable in that it is largely self-financed.

Still marginal in the mix, the solar energy and services divisions - 14.5% of consolidated sales between them - recorded very modest growth this year. On the other hand, the profitability of the service business - charging stations - is growing at a good pace.

A major development is that a large number of automakers - including Ford, GM, Mercedes, Nissan and Volvo - have adopted NACS, Tesla's charging standard: the use of its network of stations should therefore increase tenfold, which should accelerate the amortization of the colossal deployment investments.

More good news: Tesla's market share continues to grow everywhere - particularly in Europe - while the imminent launch of the Cybertruck is set to be the automotive event of the year.

Despite production expansion, Tesla is profitable and has not burned through cash for twelve consecutive quarters. There remains the thorny question of valuation: on this point, each side will no doubt continue to see eye to eye.