Summary

What Tesla story does everyone – the analysts, the journalists, the investors – have completely backwards?

The Tesla in China story. Everyone seems to believe Tesla’s Shanghai factory is a big positive.

In reality, the Shanghai factory is Tesla negative. Perhaps one of the biggest negatives out there.

Why a negative? Because it will fail?

No, precisely the opposite. Because it will succeed, to the point that it competes with Fremont. But Tesla shareholders won't be able to capture the Shanghai benefits.