Car wreck: What to believe, Elon Musk’s promises or Tesla’s terrible results for Q1?

Even the perennially bullish crowd of analysts covering Tesla warned of sorely disappointing results in Q1, a view signaled by the poor deliveries for the quarter reported in early April.

But the numbers released after the market close on April 22 were much, much worse than expected. Automotive sales tumbled 20% over the same period last year to $14 billion. Despite a strong 12-month gain in its industrial and residential battery storage franchise, overall revenues plunged 9%. Falling sales hammered profitability...