Hi Bogdan,

Great comments - thank you for the detailed response!

Let me try to take each in turn:

“…deliveries in Q3'2019 were 97 000 vs 137 000 in Q3'2020 according to statista.com which makes the growth a bit less dramatic…”

I found Statista's WW Tesla deliveries here:

https://www.statista.com/statistics/502208/tesla-quarterly-vehicle-deliveries/

I found Statista’s U.S. Tesla Market share data here:

https://www.statista.com/statistics/519579/market-share-of-tesla-in-the-united-states/

But I could not find Statista’s U.S. Tesla deliveries data - can you post the link?

But here’s the thing - Statista and Tesla both agree that total Worldwide deliveries was 97,000:

https://ir.tesla.com/press-release/tesla-q3-2019-vehicle-production-deliveries

The chart I displayed is for estimated U.S. deliveries, which for Tesla is 54,700 - so that is where the discrepancy in numbers comes from.

Does that make sense?

Even with your numbers though - Tesla’s growth is still far more than the rest of the auto industry which is net negative - and Tesla’a growth is also greater than just the few competitors who did grow - totaled. Do you acknowledge that Tesla’s growth is by far an outlier compared to the rest of the auto industry - and despite a worldwide pandemic (which is much greater here in the U.S.)?

“…- sales of TSLA seem to be worldwide vs. only US data from other manufacturers. TM for example sells 2.2 m cars per qtr worldwide…”

Please see above - I think you have that backwards - you are quoting Tesla’s worldwide Q3 2019 deliveries NOT the U.S. deliveries.

Also, Tesla does not sell “…2.2 m cars per qtr worldwide” as you say.

“…- PS (price to sales) for TSLA is ~17.5. It means that the company gets $1 of annual sales for $17.5 of stock. For comparison TM's PS is 0.87 which anyways high…”

Yes, you are correct. Investors are paying a much higher price for Tesla than the rest of the auto industry.

But you can see the dramatic difference in the quality of companies - Tesla is growing at unheard of rates - and the rest of the auto industry is shrinking at catastrophic rates. Which would you rather buy in any case - a growing company or a dying one?

You pay for quality.

“…Consequently TSLA will not pay divident in the foreseeable future because its profits will be tiny in comparison to the stock value. Current valuation predicts that 100% of car sales woldwide would be TSLA- then it can achieve similar financials to TM….”

I do not expect Tesla to pay a dividend for decades. I expect their share price to appreciate more than ten-fold in the next decade - so I am more than happy to defer receipt of dividends. I have other big, slow, cash-cow companies like J&J which will pay me dividends. But I expect companies like Tesla to re-invest all (or most) of their profits into growth - into new gigafactories, new production technologies, new R&D products and technologies…

Tell me you are not excited by those prospects - and can just sit by on the sidelines as these world-shaking events occur at blinding speed?

Even a share or two? Not willing to “gamble” such a small amount? And tell your grandkids that you too invested in a once-in-a-generation crazy-assed visionary like Musk?

;)

Good luck and best wishes,

S.D.