Tesla has had a rocky time getting enough Model 3s off the factory floor, failing to confidently weather Elon Musk’s “production hell,” and projecting mixed and changing signals about internal finances. Musk is confident he can avoid another raise, but is also likely finding (through a very public trial-and-error) that high-volume production doesn’t work nearly the same as high-user-base software.
So, Musk’s memo raised more questions than it answered. The problem facing potential investors is the mass of uncertainty that reigns at Tesla. It’s just impossible to tell what the financial condition of this company is on a day-to-day basis, and looking at the stock chart is not a good guide. There is a long list of I don’t knows at Tesla: