Of course Capex isn't included, but its direct consequence (depreciation) is. Tesla incurred almost $1B of depreciation in 2016:
1. Telsa has many investment ideas
2. Tesla spends massive amounts of CAPEX
3. Tesla incurs large amount of depreciation
4. Tesla's net income goes downHow do they spend in relation to the other car makers? Do you think that auto manufacturing capex simply turns off one day? It's a capital intensive industry.