Tesla bulls and boosters saw their arguments collide headlong with reality when the company reported awful earnings. What comes next is uncharted territory.
Analysts and Tesla enthusiasts are entering unexplored territory — Tesla has never operated at these production and expense levels.
Rather, I mean software and the culture that pervades the Valley, where billion-dollar businesses can quickly be built by companies with a dozen laptops, some Amazon server space, and cold brew on tap. Tesla has never really been in this industry. Instagram weighed literally nothing before its was acquired by Facebook. Tesla's first viable product, the original Roadster, tipped the scales at 3,000 lbs.
Of course, if you can't smoothly execute in this context — even absent an outside shock to sales — then when you lose money, you lose. The leaders of big car companies know this and manage their businesses accordingly. Musk is starting to figure it out, and that's why he was quite subdued on Wednesday's earnings call with analysts after the crummy numbers were announced.
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