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  "documentTitle": "Tesla, Inc. (TSLA)",
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  "presentationDate": "2018-10-23 00:00:00",
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  "notes": "The slide uses a table to show YoY decline in mass-market sedan sales for Toyota and Honda to support the thesis that Tesla is cannibalizing their market share.",
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      "text": "Like a magic trick, while everyone is focused on Elon smoking weed, he is quietly smoking the whole automotive industry.",
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      "text": "A strong quarter removes the overhang of a necessary capital raise – we suspect that Tesla will be generating more than enough cash to both fund aggressive growth plans and build cash on the balance sheet.",
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      "text": "Secured an agreement to build a wholly owned Shanghai facility; The entrance of Model 3 in the European market; New factory to be constructed in Europe; Possible resolution to US / China trade war; Tesla semi truck production; Tesla added to S&P.",
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      "text": "Tesla will, finally, after 10 years of unprofitable existence, have the ability to prove that it can be a sustainable, highly cash flow generative entity that is no longer reliant on the capital markets.",
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      "text": "It transitions Tesla from a \"proof of concept\" story to a \"TAM / how much can this grow\" story, attracting a whole new growth-oriented investor base.",
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      "text": "Short interest is at the same (high) level as five years ago though risk is heavily skewed to the upside in the near-term.",
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      "text": "YoY Growth: -22.0%",
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      "text": "Why be Long? This is a critical quarter for Tesla and there are many reasons we want to be long (and would certainly not want to be short) into this print:",
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      "text": "Even if Tesla does not meet its profitability goals, it is well funded and long-term shareholders will look towards:",
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      "text": "Mass-Market Sedans sales data for Toyota and Honda (Apr 2017 - Sep 2018) showing YoY growth decline.",
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