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Until Tesla goes bankrupt (which I believe is sooner rather than later - Tesla is sitting on a Wells Notice), the charade continues.

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I would argue that the number of companies who have gone bankrupt sitting on this dollar volume of preorders is and will continue to be, 0. Worst case scenario, they can issue stock or sell a chunk of the company. Even easier is to dial back R&D.

Pre-orders are overstated. Check Twitter - people who were quoted November delivery for AWD Performance are now being told they can take delivery in July.

They'll burn through supposed 450K before the end of Q3, and then the order book is dry/cash crunch time for Tesla.

That means they are managing cash flows and taking high margin orders first, not running out of demand.

Further, I expect the number of people who can put down 1k and wait with no new car for a long time is but a small fraction of those who can buy without those substantial barriers.

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