TSLA – The market has bullish expectations for TSLA, but management may be concerned about deliveries, reliability, and their service centers

• Tesla, Inc. (TSLA:USA) currently trades near historical averages relative to UAFRS-based (Uniform) Assets, with a 3.8x Uniform P/B. At these levels, the market has bullish expectations for the firm, while management may be concerned about meeting delivery guidance, reliability, and their service centers
• Specifically, management may be exaggerating the value of the amount of common parts between the Model 3 and the Model Y, and they may lack confidence in their ability to meet their deliveries guidance. Furthermore, they may lack confidence in their ability to grow their service center footprint, and they may be concerned about the sustainability of their order pacing. Finally, they may be concerned about the impact of sacrificing price to drive regulatory credit, and they may lack confidence in their ability to drive reliability improvements.