1 and 3 are undefensible territory. 2 is selling dollar notes for 90 cents; eventually you're going to have to convert to something more cash-flow positive. Th

1 and 3 are undefensible territory. 2 is selling dollar notes for 90 cents; eventually you're going to have to convert to something more cash-flow positive. Their only realistic "exit as a world champion" play was to get to self-driving and own a fleet themselves (being able to create economies of scale on vehicle purchase and maintenance that would beat local taxis). That dream ended when they ran over a woman in Tempe. Their best hope now is to be one of several large commodity players-- modest margins, some limited ability to spread fixed costs like software engineering over large volume.