The criticism around Tesla selling emission credits proves that analysts don't understand the company's business

. In fact, Musk has rightly maintained that Tesla gets a raw deal on credit sales, because it can't always move them for their full price: the existing credit regime in California, for example, discounts ZEV credits for Tesla due to buyers being able to control their own demand.That aside, emission credits are baked into Tesla's business. It's the only automaker on the planet that produces electric vehicles and nothing else, so it consequently racks up a huge number of credits.

Musk has been playing nice with Wall Street since last year's infamous flip-out, but the reality is that Tesla doesn't much care for the public markets . Musk's dislike for banks is of course intensified by his robust appetite for capital. He'll probably have to go hat-in-hand to the financiers again this year, either to raise money through issuing equity or with another round of junk-bond issuance.

As the fundamental grind of building and selling vehicles has become Tesla's daily struggle — Q1's poor results were due largely to logistics challenges in shipping cars to Europe and Asia — Wall Street has pulled back on ambitious price targets and soured on Tesla's disruptive capabilities.

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