While I agree, for the most part, that future growth is risk adjusted and priced in, I also believe that the market doesn't quite understand all the nuances. On

While I agree, for the most part, that future growth is risk adjusted and priced in, I also believe that the market doesn't quite understand all the nuances. One, Tesla's margins are actually significantly than GMs. Two, they're losing money on a gaap basis because of a. how you account for residual lease values when they most likely won't have to pay any of that back and b. large capex expenditures in preparation for model x and model 3. If they weren't spending so much on capex, this would be a very cashflow positive company. Third, the average person doesn't quite understand how much better of an experience driving a Tesla is than a normal ICE vehicle (I know several people who would never buy > 50k car who own Teslas, know another 20 who would go buy a 3 immediately if it was available). Finally, projections don't really account for the stationary storage market, which is all gravy. Are there risks? Of course - you can have a giant first mover advantage, giant technological moat, and ISO chooses a different charging standard, Elon Musk gets hit by a bus, etc. I think there's enough optionality here for those willing to wait 5 years.