The biggest Wall Street "bull case" for Tesla these days is around the gross margin on their cars. Tesla has always been a little bit of an accounting project

The biggest Wall Street "bull case" for Tesla these days is around the gross margin on their cars. Tesla has always been a little bit of an accounting project (around subsidies, etc.), and this sounds like the kind of thing that a company with a keen awareness of their stock price and a lot of comfort with accounting sleight-of-hand would do. The accountants capitalize a huge R&D loss, which fits with the company being "innovative," and in return the gross margin of the car is higher.