It's not "magic accounting" it's looking at different aspects of the business. You can look at the cost to make each vehicle (in terms of components + labor) vs

It's not "magic accounting" it's looking at different aspects of the business. You can look at the cost to make each vehicle (in terms of components + labor) vs. the price you're selling it at, or you can look at the cost to run the entire business divided by the total number of sales. Both are important, but if you're looking to invest in a business that's growing, you care more about the first number because you're assuming that if the business grows enough then the second number will take care of itself. If Tesla has been in business for 100 years and is unlikely to grow its base, like more established automakers, then you care alot more about that second number. And you also care about a lot of other numbers like the dividends paid out, how likely that something will change to move the stock price, etc.