Tesla Daily: Tesla News & Analysis

➤ TSLA stock has its worst day in history, finishing trading -21% ➤ S&P announces index adjustments, but leaves Tesla and Zoom out of the S&P 500 index for the time being ➤ Tesla completes $5.0B capital raise through follow-on stock offering ➤ Elon Musk meets with Volkswagen CEO Herbert Diess in Germany, test drives VW ID.3 ➤ Diess shares thoughts on the Tesla Model Y ➤ Elon Musk discusses Giga Berlin, says vehicle production from the factory will involve changes to the core structural technology ➤ Tesla plans to have up to 8 casting machines at Giga Berlin ➤ Model S, Model X, and Model Y US delivery estimated pushed out to 10-14 weeks ➤ Lucid Air unveiling September 9th at 4pm PST Twitter: https://www.twitter.com/teslapodcast Patreon: https://www.patreon.com/tesladailypodcast Plaid producer Who Why Plaid producer Ice Lakes Investments Ludicrous producer Fred Hassen Executive producer Rish Singh Executive producer Jeremy Cooke Executive producer Nick Wood Executive producer Troy Cherasaro Executive producer Bradford Ferguson Executive producer Andre/Maria Kent Executive producer Jeff Sheets Music by Evan Schaeffer Disclosure: Rob Maurer is long TSLA stock & derivatives

Rob Maurer of Tesla Daily is joined live by Gordon Johnson, founder and CEO of GLJ Research, to discuss the bull and bear cases for TSLA stock at its nearly $400B valuation. Johnson has a $19 price target on TSLA stock. Timestamps: 0:00 Introduction and Gordon Johnson’s bear case 6:24 Is Tesla’s automotive business burning cash? 11:57 Is Tesla’s growth story over? 13:50 Are electric vehicles disruptive technology? 16:18 Gordon Johnson’s forecasts for Q3 and Q4, and discussing the regulatory credit situation 21:22 Service gross margin and warranty impacts 25:06 What about the impacts of the pandemic on growth? 28:30 Tesla’s market share 34:51 Regulatory credits in depth 40:22 Is competition finally coming? 46:07 How does forecasting for revenue growth fit with the growth story being over? 49:07 Tesla’s profitability, capital raise, and S&P 500 inclusion 57:16 What would it take for Gordon Johnson to become more bullish on TSLA? 58:54 Has Gordon Johnson used Autopilot? 1:02:46 Closing comments #Tesla #TSLA #Investing Twitter: https://www.twitter.com/teslapodcast Patreon: https://www.patreon.com/tesladailypodcast Plaid producer Who Why Plaid producer Ice Lakes Investments Ludicrous producer Fred Hassen Executive producer Rish Singh Executive producer Jeremy Cooke Executive producer Nick Wood Executive producer Troy Cherasaro Executive producer Bradford Ferguson Executive producer Andre/Maria Kent Executive producer Jeff Sheets Music by Evan Schaeffer Disclosure: Rob Maurer is long TSLA stock & derivatives

➤ Tesla starts sending invitations for upcoming Battery Day event and annual shareholder meeting ➤ TSLA stock falls, illustrating disadvantages of at-the-market offering ➤ Major TSLA investor Baillee Gifford reduces stake in the stock ➤ Bank of America increases TSLA price target ➤ Elon Musk in Germany for Giga Berlin meetings Twitter: https://www.twitter.com/teslapodcast Patreon: https://www.patreon.com/tesladailypodcast Plaid producer Who Why Plaid producer Ice Lakes Investments Ludicrous producer Fred Hassen Executive producer Rish Singh Executive producer Jeremy Cooke Executive producer Nick Wood Executive producer Troy Cherasaro Executive producer Bradford Ferguson Executive producer Andre/Maria Kent Executive producer Jeff Sheets Music by Evan Schaeffer Disclosure: Rob Maurer is long TSLA stock & derivatives

➤ Tesla sets up possible $5B capital raise through an equity distribution offering of TSLA stock ➤ Exploring the dynamics of the offerings and what it means for Tesla’s business ➤ Checking in on S&P 500 inclusion after TSLA’s stock split, surge in share price, and potential capital raise news ➤ Tesla Model Y spotted with camouflage in China ➤ Remembering Jack Rickard: https://www.echovita.com/us/obituaries/mo/cape-girardeau/marion-jack-rickard-11373892 Twitter: https://www.twitter.com/teslapodcast Patreon: https://www.patreon.com/tesladailypodcast Plaid producer Who Why Plaid producer Ice Lakes Investments Ludicrous producer Fred Hassen Executive producer Rish Singh Executive producer Jeremy Cooke Executive producer Nick Wood Executive producer Troy Cherasaro Executive producer Bradford Ferguson Executive producer Andre/Maria Kent Executive producer Jeff Sheets Music by Evan Schaeffer Disclosure: Rob Maurer is long TSLA stock & derivatives

➤ TSLA stock hits new all-time highs as 5-for-1 stock split is completed ➤ Tesla begins rolling out firmware version 2020.36 with new features ➤ Elon Musk heads to Germany for Giga Berlin and Tesla RNA microfactories ➤ Tesla expands supercharging partnership with major US retailer ➤ Neuralink progress update includes mention of Tesla ➤ Ford’s chief of product development and purchasing discusses the company’s battery strategy ➤ US court of appeals rules against 2019 policy reducing emissions violations penalties Twitter: https://www.twitter.com/teslapodcast Patreon: https://www.patreon.com/tesladailypodcast Plaid producer Who Why Plaid producer Ice Lakes Investments Ludicrous producer Fred Hassen Executive producer Rish Singh Executive producer Jeremy Cooke Executive producer Nick Wood Executive producer Troy Cherasaro Executive producer Bradford Ferguson Executive producer Andre/Maria Kent Executive producer Jeff Sheets Music by Evan Schaeffer Disclosure: Rob Maurer is long TSLA stock & derivatives

➤ Tesla has faced criticism for its reliance on regulatory credit sales to achieve full-year GAAP profitability and S&P 500 inclusion eligibility. Today's episode explores this argument and other considerations that should be made when discussing TSLA's profitability. ➤ California approves budget of hundreds of millions of dollars for electric vehicle charging infrastructure Twitter: https://www.twitter.com/teslapodcast Patreon: https://www.patreon.com/tesladailypodcast Plaid producer Who Why Plaid producer Ice Lakes Investments Ludicrous producer Fred Hassen Executive producer Rish Singh Executive producer Jeremy Cooke Executive producer Nick Wood Executive producer Troy Cherasaro Executive producer Bradford Ferguson Executive producer Andre/Maria Kent Executive producer Jeff Sheets Music by Evan Schaeffer Disclosure: Rob Maurer is long TSLA stock & derivatives

➤ Tesla CEO Elon Musk gives some new hints on Tesla’s upcoming Battery Day and what Tesla is teasing in the background image on the Battery Day webpage ➤ Walking through Tesla’s tabless battery patent ➤ Sandy Munro reports on some updates from a new Model Y ➤ Tesla prepares to open a new high-capacity delivery center in China ➤ New job openings at Giga Shanghai hint at progress on Phase 2, Model Y ramp ➤ Data extortion attempt made on Tesla, Russian citizen arrested after sting operation ➤ Lucid reveals battery capacity on Lucid Air Twitter: https://www.twitter.com/teslapodcast Patreon: https://www.patreon.com/tesladailypodcast Plaid producer Who Why Plaid producer Ice Lakes Investments Ludicrous producer Fred Hassen Executive producer Rish Singh Executive producer Jeremy Cooke Executive producer Nick Wood Executive producer Troy Cherasaro Executive producer Bradford Ferguson Executive producer Andre/Maria Kent Executive producer Jeff Sheets Music by Evan Schaeffer Disclosure: Rob Maurer is long TSLA stock & derivatives

Founder & CEO of New Constructs, David Trainer, joins Rob Maurer of Tesla Daily to discuss the recently published research by New Constructs which calls TSLA stock "The Most Dangerous Stock for Fiduciaries". David and Rob discuss valuation metrics, profitability, risk vs. reward, long-term growth, investment philosophies, valuation models, market share, competition, and more. You can find New Constructs' research note here: https://www.newconstructs.com/tesla-the-most-dangerous-stock-for-fiduciaries/ For more visit Tesla Daily on TheStreet: https://www.thestreet.com/tesla/interviews/tsla-bull-bear-debate-rob-maurer-david-trainer Timestamps: 0:00 Introduction 1:58 Why do you think Tesla is overvalued? 4:04 Tesla's market cap per vehicle sold 9:17 Influence of regulatory credits on Tesla's business 11:46 Tesla's market share, growth, and competitive outlook 17:26 Modeling Tesla's valuation 25:42 Counterpoints to the valuation models 37:05 Risk vs. reward when investing in TSLA 40:46 Tesla insurance bull case 42:16 Scaling up and Tesla's competitive position 48:44 Are other automakers finally catching up? 55:09 Wrapping up Twitter: https://www.twitter.com/teslapodcast Patreon: https://www.patreon.com/tesladailypodcast Plaid producer Who Why Plaid producer Ice Lakes Investments Ludicrous producer Fred Hassen Executive producer Rish Singh Executive producer Jeremy Cooke Executive producer Nick Wood Executive producer Troy Cherasaro Executive producer Bradford Ferguson Executive producer Andre/Maria Kent Executive producer Jeff Sheets Music by Evan Schaeffer Disclosure: Rob Maurer is long TSLA stock & derivatives

➤ Tesla China posts infographic detailing improvements to the Tesla Model Y from Tesla's one-piece casting machine ➤ California fires lead to evacuation orders and warnings near Tesla's Fremont factory ➤ A new application from Tesla may show Tesla's plans to update the trim on the Tesla Model 3 Twitter: https://www.twitter.com/teslapodcast Patreon: https://www.patreon.com/tesladailypodcast Plaid producer Who Why Plaid producer Ice Lakes Investments Ludicrous producer Fred Hassen Executive producer Rish Singh Executive producer Jeremy Cooke Executive producer Nick Wood Executive producer Troy Cherasaro Executive producer Bradford Ferguson Executive producer Andre/Maria Kent Executive producer Jeff Sheets Music by Evan Schaeffer Disclosure: Rob Maurer is long TSLA stock & derivatives

➤ Tesla announces event details for upcoming Battery Day & annual shareholder meeting and includes a background image which may be a teaser for the events ➤ Discussion on silicon nanowire anode battery technology and a battery startup which has moved their headquarters next to Tesla’s Fremont facilities: Amprius Technologies ➤ Fortune article discussed: https://fortune.com/longform/race-build-better-battery/ Twitter: https://www.twitter.com/teslapodcast Patreon: https://www.patreon.com/tesladailypodcast Plaid producer Who Why Plaid producer Ice Lakes Investments Ludicrous producer Fred Hassen Executive producer Rish Singh Executive producer Jeremy Cooke Executive producer Nick Wood Executive producer Troy Cherasaro Executive producer Bradford Ferguson Executive producer Andre/Maria Kent Executive producer Jeff Sheets Music by Evan Schaeffer Disclosure: Rob Maurer is long TSLA stock & derivatives