$48 BILLION Dollars!
Not a bad valuation for a company that lost $2Bn last year. That's a p/e of infinity and beyond. Of course, you have to hand it to Tesla as they did deliver 25,000 cars in Q1 and that's up 25% from last year so they are well on their way to missing their 500,000 car projection by next year by only 350,000 cars – well done Elon!
That does not stop the Tesla (TSLA) bulls from BUYBUYBUYing the stock though. Even by the companies own projections – if they can do all the BS they claim they can do and if they find enough money to stay open in 2017, they only project making $2 per $300 share (p/e 150) in 2018 – that's a 0.666% return on your money over 2 years (not counting the $2 they'll lose this year – then it's net zero).
General Motors (GM) MAKES $6 per share and their shares are $34. That's infinity times what TSLA makes and 3 times what they TSLA wishes it would make and the stock is about 1/10th the price yet GM LOST 3.3% yesterday while TSLA gained 7% – this is MADNESS!
Oh, and I forgot to mention that GM also pays you a 4.3% ($1.52) dividend while you own their fine stock. GM is also makes the new Chevy Bolt (the Volt is their old model), which is essentially everything the Tesla Model 3 is supposed to be only the Bolt is already shipping and GM already makes 10M cars a year, 100 TIMES more cars than TSLA makes. That's current, proven capacity – not fantasy capacity.
The Bolt is priced at $37,000 WITHOUT the rebate that TSLA includes in their "starting price" and, with the rebate, the net on a Bolt can be less than $30,000 – about 20% cheaper than the non-existent Model 3. Even worse for Tesla, the Bolt gets 238 miles of range and they didn't have to spend $2Bn building a "GigaFactory" to do it.