Tesla has exeptionally low debt, ist almost hilarously low compaired to other car makers.
Tesla cash isnt even remotly an important problem right now.
Subsidies means lots of things in different context. Regulatory credits, arguable not subsidies, are a small part of the overall buissness bur this quarter is a fair bit of the profit as they went up and profit was down.
Removing tax credit would actually help Tesla as they are in a far far better postion to relative to the rest. Other need the subdidies and credits desperatly to not lose even more money.
Tesla is having profit and cash flow while doing upgrades accross their factories, massive investment in service, charging, new factories, data centers, robots, lithium refineries and many other things. Tesle has its own battery factories with its own battery designs, something only BYD has. A huge advantage that people still don't appriciate.
While their are short term issues in the EV market the long term trend is still clear. And Tesla continues to be in a good position to ride that wave up. US is only 8% penetration of EV.
Plus for all Tesla problems, looking at the wider market is advised. Ford has opened their EV finacials, and they are horrible. GM just moved back many EV product and reduced their volume forcadt further (after horribly missing their forcast from a few years ago). Some people point out Tesla inhouse battery production isnt growing as fast as claimed, meanwhile GM factory with a reputable battery partner is even worse. Honda/Toyoto have barly realized EVs even exist.
Other western car makers are massivly struggling in China. VW the company everybody thought would roll over Tesla has massice issues there and also has issues in Europe. Not running plants at capabity and having to fire people, plus delaying prodicts and other factories.
The comming 5 years will be even harder on the automotive industry them the last 5. At some point profitable ICE sales wont be able to compensate for selling EV at non existant markets.
The reality is, right now in the US outside of Tesla prett much nobody is operating profitably and they all desperatly wont more scale but because so many companies try the same plan with the same prodycts and issues. Dealers continue to be a huge problem.
I also would mention Tesla energy buissness is growing really well and is profitiable. And that looks good grow quicky as the demand for grid stabalisation and home energy story is hardly gone slow down.
So Tesla isnt a finacial juggernaut but they are in a hell of a good position in two large and growing markets. With lots of competitors not executing very well. Their position isnt very riscy and the have plenty of cash.
The biggest risk for Tesla is China really makeing a big move into Europe and later the US. But again Tesla is more likely to compete in that market them legacy OEM who are struggling against Tesla already. It takes years for that to really happen and poleticians are already moving against it. It will take more years for China companies to build up local factories, because just like Tesla they will have to do that.