[dsugarman]

Valuation isn't everything, people compare Tesla to other car makers and say "hey, they are way smaller and getting valued higher, what a sham!", what people should be looking at is Enterprise Value. GM has 10x the debt as Tesla, and 2x the Enterprise Value. People are worried about Tesla burning billions of dollars, if they were to solve this problem with level of debt GM has, they would have another $85B to spend.

Tesla has done the hard things, they've made a great product, they've created a ton of demand and they found an entry point into a really tough market to enter. If the biggest worry right now is their need for cash to scale, I'm very bullish on their future.