News Summary

• Tesla has barely 10 million users today and the total is not growing more than 2 million/yr.
• Tesla Bulls would argue that these metrics are not relevant because the company is in the middle of a pivot from products to services.
• The product business will gain its margins from subscriptions (FSD) and ride sharing (Robotaxi).
• Current manufacturing overcapacity (mainly due to failed Cybertruck) will be reallocated to robotic taxis and humanoid robots.
• Until these arrive, the metrics should be ignored.
• This much is already reflected in the share price as its P/E ratio is beyond reason.