<i>"GAAP net loss of $408M"</i> - the number that matters.<p>Tesla isn't doing that badly. But now that they have some production volume, they have to be evaluated as a car company, not a startup. Can they make lots of cars at a profit? They got the production quantity up by throwing people, money, and a big tent at the Fremont plant. That ran up the cost per car. Although it's better than their previous state of low production with a full staff. Can they get to a smooth running production plant with labor hours per car comparable to Detroit? (About 30-50 labor hours per car is typical in the industry.)<p><i>"Model 3 average selling price was stable at approximately $50,000."</i><p>That's nice, but the Model 3 was supposed to be $35,000. Tesla has caught up with their backlog, and you can now buy a Tesla Model 3 off the lot, just like regular car dealers.[1] That's good; they're now like a normal car company. But it also means they've saturated the market at their high price point, which is about where BMW is.<p>They're also at the point where all their models need a refresh or a replacement. Tesla is slow at new models compared to the competition.<p>[1] <a href="https://www.extremetech.com/extreme/289911-what-shortage-tesla-has-plenty-of-model-3s-on-sale-online-today" rel="nofollow">https://www.extremetech.com/extreme/289911-what-shortage-tes...</a>