It's a cult stock. The pricing on it is so far out of line with fundamentals that you're absolutely buying on greater fool theory. Some wag pointed out after the 2008 crash that Tesla had a higher market cap than GM... that says a lot more about market capitalization than it says about either car company.

He's already been anointed as the next Steve Jobs, though. When Apple stops selling computers, people will see it as innovative and amazing, and Mac SEs will go through the roof on eBay. When Tesla stops selling cars it won't be capitulation, it'll be market beneficence or some shit.

I'll say this: 30 years from now we'll look back on the Model S the way we look back on the Ford Granada. "It was a car, and it was car shaped, and we have no desire to emulate that ever again."