Is this true?

Whenever Elon Musk says a thing, I reflexively mistrust it. So when I saw a video clip of Musk making this assertion, I wanted to think I learned something about the auto industry, but then I considered the source:

“Large incumbent carmakers sell their cars at low to zero true margin. Most of their profit is selling replacement parts to their fleet, of which 70% to 80% are past warranty. Like razors & blades.”

What say you, Bears? Is he correct?