A reasoned analysis of Tesla's output versus its stock price reveals that its value is somewhere in la-la land.

https://realmoney.thestreet.com/articles/09/28/2018/musks-troubles-aside-teslas-value-c...

At 300,000 cars a year and with 170 million shares outstanding, Tesla at $265 per share (it is slightly above that level in pre-market trading) is trading at $150,000 per car produced.

How does that make any sense? Tesla's products retail for much less than $150,000 per unit and Tesla's average revenue per unit (ARPU) will continue to fall as the Model 3 takes up a greater share of production. Note also that this is an equity valuation; including Tesla's $11 billion of net debt would produce an enterprise value per car of $187,000, which is completely out of la-la land.

--
“And crawling on the planet's face,
some insects called the human race.
Lost in time, and lost in space.
And meaning.”