The truth is, without subsides, Tesla would sell a fraction of what it does now, and it would certainly not be profitable (hell, it probably won't be profitable in 2024, even with the subsides !).
But at the same time, tear downs of their cars show they have healthy 30% margins when their competitors are selling their EVs often at a loss. Their current balance sheet looks much better than their competitors given the assets that they have for the EV transition. If governments are serious about transitioning to EVs then either they kick the other car companies into gear or accept that Tesla(and the Chinese) will be the only real serious players.
Check what happens to Tesla sales when countries cut EV subsides. New Zealand did it in January. Here is the data:
https://evdb.nz/ev-stats
The truth is, without subsides, Tesla would sell a fraction of what it does now, and it would certainly not be profitable (hell, it probably won't be profitable in 2024, even with the subsides !).