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Tesla’s 2020 Aftermath: A look at the shorts who said 500k was ‘absurd’
Tesla’s 2020 showing has created an aftermath of reflection from bulls and bears alike. Despite the company coming off of a record year with a massive 500,000 vehicle delivery and production rate, which was considered “absurd” by some short-sellers in years past, Tesla proved the doubters wrong once again.
Everyone knows that the stock market is really an unpredictable and unfathomably tough thing to read. Some of the world’s best analysts can misread even the slightest bit of data and be miles off of what a particular stock accomplishes. Tesla, which is one of the more polarizing stocks despite its 700% climb in 2020, has had doubters since day 1. The difference between doubters of Tesla and doubters of other companies is that Tesla shorts and bears are some of the most vocal on Wall Street because the company’s momentum and hype have been talked about for nearly a decade.
2020 was easily the toughest year for the U.S. automotive market since the Great Recession of 2008. Tesla was one of the few companies that accomplished the feat of sustaining growth through the year of the COVID-19 pandemic, which crippled many industries, not just the automotive one, for most of the year. However, doubts on Tesla set in way back when the company started in 2008. Six years after Tesla built the original Roadster, analysts were still curious about the automaker’s capabilities moving forward and doubted that it would be able to scale its production to half-a-million cars by 2020. The old saying goes, “hindsight is 2020,” and as Tesla reached its goal for the year, it is easy to sit back and judge those who were wrong. However, their reasoning for not reaching 500,000 vehicles was completely flawed, and everything Tesla said it would do years ago has been accomplished.
Mark Spiegel called 500,000 cars in 2020 “absurd”
Mark Spiegel is a notable Tesla short-seller and has been bearish on the automaker’s stock for years. In 2014, Spiegel posted an article to Seeking Alpha, titled, “Why Projections For Tesla To Sell 500,000 Cars In 2020 Are Absurd.”
Spiegel used data like the compound annual growth rate to support his evidence, stating, “If Tesla sells 35,000 cars this year, 500,000 sales in 2020 would imply a six-year CAGR of 56%.” Additionally, Spiegel did not believe that Tesla could scale growth at that rate in six years because “no complex product manufacturer has ever grown that quickly from a revenue base of $3 billion or more.” But hey, there is a first time for everything.
Microsoft was able to scale its CAGR by 32.1% from 1993 to 1999, which is a six-year time span and was identical to Tesla’s outlook that was challenged in the 2014 article. While Microsoft managed a remarkable 32.1% CAGR because of the evergrowing popularity of the computer and other technology, Tesla’s overwhelming growth throughout the same timespan was due to tech developments, industry influence, proving affordability of electric cars, and a consistent growth rate that proved the company was here to stay.
Spiegel’s outlook for 2020 was 186,000 cars sold by Tesla, but the company managed to nearly accomplish this figure in Q4 alone, as it delivered 180,570 cars in the final three months of the year. Spiegel was way off in his predictions, and Tesla’s domination in 2020 was just one of many examples of analysts getting it completely wrong.
Tesla wasn’t a prime candidate for scaling its products, according to Thomas Bartman
In an April 2015 article in the Harvard Business Review, Thomas Bartman wrote an opinionated piece called, “Why Tesla Won’t Be Able to Scale.” Bartman claimed that Tesla’s EVs were “not actually disruptive, which will likely cause it to struggle to scale.” Bartman didn’t have the Model 3 to use as a benchmark at the time, but he doubted that Tesla would be able to sell a vehicle for $35,000, which it did.
“Tesla plans to launch a ‘mainstream’ luxury car, the Model 3,” Bartman wrote, “which it estimates will cost $35,000, although analysts have begun to question the feasibility of reaching that price point.” Tesla did discontinue this variant in late 2020, but the Standard Range Model 3 was available for over three years. The Standard Range+ was only $2,770 more and was more popular because of the range. Also, the SR was not listed on Tesla’s website and had to be ordered in a showroom or over the phone.
Bartman believed that Tesla had launched two good vehicles in the Model S and Model X, but legacy auto would quickly catch up after a few years. However, this has been proven wrong repeatedly, as companies like Mercedes-Benz and Audi have failed to launch effective and competitive EVs that are comparable to Tesla’s models globally. The Model 3 continues to dominate in China and the U.S., and the Model Y is gaining plenty of momentum as it nears the one-year mark since its first deliveries.
Tesla China Model Y attracts flocks of customers in local showrooms
“As Tesla attempts to scale, it’s likely to discover that its internal impediments, combined with competitor responses, make it much harder than anticipated,” Bartman said. “The symptoms of these problems will manifest as product launch delays, cost overruns, and higher than expected prices.”
The only issue is that Tesla was able to internally combat production issues, even though Elon Musk has admitted many times that Model 3 manufacturing was “production hell.” The company has effectively beaten all of its competitors to launching an effective and cost-worthy electric car by launching four of them.
Hindsight is 2020
With 2020 over (thank God), Tesla and analysts are already looking forward to the new year. 2021 has plenty in store for Tesla: Two production facilities in the U.S. and Europe are set to begin manufacturing efforts, the launch of the Cybertruck at the tail-end of the year, and a possible refresh of the Model S and Model X. Moving forward, Tesla shorts may be more cautious, especially considering their traumatic $38 billion loss this year.
Elon Musk
Tesla begins expanding Robotaxi access: here’s how you can ride
You can ride in a Tesla Robotaxi by heading to its website and filling out the interest form. The company is hand-picking some of those who have done this to gain access to the fleet.

Tesla has begun expanding Robotaxi access beyond the initial small group it offered rides to in late June, as it launched the driverless platform in Austin, Texas.
The small group of people enjoying the Robotaxi ride-hailing service is now growing, as several Austin-area residents are receiving invitations to test out the platform for themselves.
The first rides took place on June 22, and despite a very small number of very manageable and expected hiccups, Tesla Robotaxi was widely successful with its launch.
Tesla Robotaxi riders tout ‘smooth’ experience in first reviews of driverless service launch
However, Tesla is expanding the availability of the ride-hailing service to those living in Austin and its surrounding areas, hoping to gather more data and provide access to those who will utilize it on a daily basis.
Many of the people Tesla initially invited, including us, are not local to the Austin area.
There are a handful of people who are, but Tesla was evidently looking for more stable data collection, as many of those early invitees headed back to where they live.
The first handful of invitations in the second round of the Robotaxi platform’s Early Access Program are heading out to Austin locals:
I just got a @robotaxi invite! Super excited to go try the service out! pic.twitter.com/n9mN35KKFU
— Ethan McKanna (@ethanmckanna) July 1, 2025
Tesla likely saw an influx of data during the first week, as many traveled far and wide to say they were among the first to test the Robotaxi platform.
Now that the first week and a half of testing is over, Tesla is expanding invites to others. Many of those who have been chosen to gain access to the Robotaxi app and the ride-hailing service state that they simply filled out the interest form on the Robotaxi page of Tesla’s website.
That’s the easiest way you will also gain access, so be sure to fill out that form if you have any interest in riding in Robotaxi.
Tesla will continue to utilize data accumulated from these rides to enable more progress, and eventually, it will lead to even more people being able to hail rides from the driverless platform.
With more success, Tesla will start to phase out some of the Safety Monitors and Supervisors it is using to ensure things run smoothly. CEO Elon Musk said Tesla could start increasing the number of Robotaxis to monitors within the next couple of months.
Elon Musk
Tesla analyst issues stern warning to investors: forget Trump-Musk feud

A Tesla analyst today said that investors should not lose sight of what is truly important in the grand scheme of being a shareholder, and that any near-term drama between CEO Elon Musk and U.S. President Donald Trump should not outshine the progress made by the company.
Gene Munster of Deepwater Management said that Tesla’s progress in autonomy is a much larger influence and a significantly bigger part of the company’s story than any disagreement between political policies.
Munster appeared on CNBC‘s “Closing Bell” yesterday to reiterate this point:
“One thing that is critical for Tesla investors to remember is that what’s going on with the business, with autonomy, the progress that they’re making, albeit early, is much bigger than any feud that is going to happen week-to-week between the President and Elon. So, I understand the reaction, but ultimately, I think that cooler heads will prevail. If they don’t, autonomy is still coming, one way or the other.”
BREAKING: GENE MUNSTER SAYS — $TSLA AUTONOMY IS “MUCH BIGGER” THAN ANY FEUD 👀
He says robotaxis are coming regardless ! pic.twitter.com/ytpPcwUTFy
— TheSonOfWalkley (@TheSonOfWalkley) July 2, 2025
This is a point that other analysts like Dan Ives of Wedbush and Cathie Wood of ARK Invest also made yesterday.
On two occasions over the past month, Musk and President Trump have gotten involved in a very public disagreement over the “Big Beautiful Bill,” which officially passed through the Senate yesterday and is making its way to the House of Representatives.
Musk is upset with the spending in the bill, while President Trump continues to reiterate that the Tesla CEO is only frustrated with the removal of an “EV mandate,” which does not exist federally, nor is it something Musk has expressed any frustration with.
In fact, Musk has pushed back against keeping federal subsidies for EVs, as long as gas and oil subsidies are also removed.
Nevertheless, Ives and Wood both said yesterday that they believe the political hardship between Musk and President Trump will pass because both realize the world is a better place with them on the same team.
Munster’s perspective is that, even though Musk’s feud with President Trump could apply near-term pressure to the stock, the company’s progress in autonomy is an indication that, in the long term, Tesla is set up to succeed.
Tesla launched its Robotaxi platform in Austin on June 22 and is expanding access to more members of the public. Austin residents are now reporting that they have been invited to join the program.
Elon Musk
Tesla surges following better-than-expected delivery report
Tesla saw some positive momentum during trading hours as it reported its deliveries for Q2.

Tesla (NASDAQ: TSLA) surged over four percent on Wednesday morning after the company reported better-than-expected deliveries. It was nearly right on consensus estimations, as Wall Street predicted the company would deliver 385,000 cars in Q2.
Tesla reported that it delivered 384,122 vehicles in Q2. Many, including those inside the Tesla community, were anticipating deliveries in the 340,000 to 360,000 range, while Wall Street seemed to get it just right.
Tesla delivers 384,000 vehicles in Q2 2025, deploys 9.6 GWh in energy storage
Despite Tesla meeting consensus estimations, there were real concerns about what the company would report for Q2.
There were reportedly brief pauses in production at Gigafactory Texas during the quarter and the ramp of the new Model Y configuration across the globe were expected to provide headwinds for the EV maker during the quarter.
At noon on the East Coast, Tesla shares were up about 4.5 percent.
It is expected that Tesla will likely equal the number of deliveries it completed in both of the past two years.
It has hovered at the 1.8 million mark since 2023, and it seems it is right on pace to match that once again. Early last year, Tesla said that annual growth would be “notably lower” than expected due to its development of a new vehicle platform, which will enable more affordable models to be offered to the public.
These cars are expected to be unveiled at some point this year, as Tesla said they were “on track” to be produced in the first half of the year. Tesla has yet to unveil these vehicle designs to the public.
Dan Ives of Wedbush said in a note to investors this morning that the company’s rebound in China in June reflects good things to come, especially given the Model Y and its ramp across the world.
He also said that Musk’s commitment to the company and return from politics played a major role in the company’s performance in Q2:
“If Musk continues to lead and remain in the driver’s seat, we believe Tesla is on a path to an accelerated growth path over the coming years with deliveries expected to ramp in the back-half of 2025 following the Model Y refresh cycle.”
Ives maintained his $500 price target and the ‘Outperform’ rating he held on the stock:
“Tesla’s future is in many ways the brightest it’s ever been in our view given autonomous, FSD, robotics, and many other technology innovations now on the horizon with 90% of the valuation being driven by autonomous and robotics over the coming years but Musk needs to focus on driving Tesla and not putting his political views first. We maintain our OUTPERFORM and $500 PT.”
Moving forward, investors will look to see some gradual growth over the next few quarters. At worst, Tesla should look to match 2023 and 2024 full-year delivery figures, which could be beaten if the automaker can offer those affordable models by the end of the year.
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