1) Volume growth is real, but governed by capacity expansion and capital commitment.
2) EV addressable market is not unlimited, and likely smaller than appreciated for now.
3) Growth also constrained by product portfolio expansion/refresh or lack thereof.
4) Capital intensity of growth indicates TSLA is far from a FAANG company/stock.
5) Cost of capital is negligible for now and a major, but possibly temporary, advantage.
6) Profitability and cash flow are not good or consistent, and are major risks.
7) TSLA is still not clearly self-funding and raising capital after a decade in existence.
8) Credit investors skeptical, but with equity cushion, have hopped on the bandwagon.
9) Creative accounting and presentation helps on a transitory basis.
10) Momentum helps for now, but rotation to Value could be painful.