> If they keep growing at 30-50% for the next 5 to 10 years A significant part of their revenue is selling regulatory credits to traditional manufacturers. In

> If they keep growing at 30-50% for the next 5 to 10 years A significant part of their revenue is selling regulatory credits to traditional manufacturers. In essence, buying a Tesla subsidizes someone else's purchase of an Escalade. If Tesla continues to grow they will be taking market share away from traditional manufacturers, who will thus need fewer regulatory credits. So at some point each additional sale of a Tesla will result in no net gain in profit. Tesla will have to grow well beyond that point for additional sales to equal additional profit. Unless you think that consumers have the money and desire to purchase an Escalade and a Tesla at the same time.