Because you just don't get it (TM).
Tesla could be profitable if it wanted to. But they choose to grow faster and do it right (TM) rather than do it profitably.
But, here's the kicker.
Once Q1 2016 financials are published, we'll see increasing revenues, and the end of Model X tooling/ramp-up expenditures. Meanwhile, Model X revenues begin to skyrocket. You do know that Model S/Model X generate about 20% positive cash flow, do you ? What happens is that 20% cash flow goes into R&D/tooling.
So what happens when MS+MX yearly revenues break through US$ 10 bi / year. That means US$ 2 bi / year in cash to invest.
Plus, I expect Model 3 reservations to break through half a million easily and very likely get to over a full million pre-orders. That's a one billion USD interest free loan to Tesla.
So it looks like Tesla should be able to in total invest some US$ 5-6 billion in Model 3 design, tooling and rampup, including moneys already invested without borrowing. Of course Tesla still needs cash to complete the giga factory, to do Tesla Energy tooling/rampup, and for the Y model. But if you understand how companies work, if Tesla needs to increase its debt by up to US$ 2 billion, the market will probably see that as a positive aspect rather than negative (its INVESTMENT money, not a cash burning money pit). It you can't understand that, then you really should shut up, as you have proven you know nothing about business. You can't compare Tesla's financials with Ford, GM or Fiat, those are established companies. Tesla is still somewhere between startup and steady state company. Tesla's revenue will eventually break US$ 25 billion / yr, and continue to grow to at least US$ 50 billion / yr on the conservative side (one million units / yr at US$ 60k average price, mostly M3, but some 20% MS+MX which sells for average US$ 100k each). At US$ 50 bi / yr, Tesla will easily pay off all of its debt, fund continuing growth and pay a dividend.