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The first thing I thought when I read this article is that it sounds like someone trying to justify being short TSLA, skimmed through it again, lo and behold
The author makes unreasonable assumptions about pricing on a 3 series, likely the average selling price for a new 3 series is the high 40's, which would include sales from the 320i (the new bargain beemer), hell my 1-series had an msrp 45.
Also the Model S already sells at a huge premium to a 5 series, and an Audi A6, but no one seems to mind. So how competitive a future Tesla model might be might not have much to do with the price, as long as its not unreasonable.
If you ever traded in the roaring late 90s, you know that stock prices and company profitabilities don't have to be both great. Webvan and pets.com come to my mind...
TSLA as a company is very far away from being profitable, it is the huge expectations that sends the stock's price upward. Eventually reality will come...