“Biggest step change in asset value in history:” Tesla masterminds next revolution in EVs

There is a conventional way to look at auto company profits, and then there is the Tesla way. Tesla’s second quarter results show adjusted net income of $US3.1 billion for the quarter, which is higher than most market expectations. Normally, that would be a really big deal for the market, because it looks like Tesla is cannibalising its margins. Or, as Tesla CEO Elon Musk put it during the earnings call: “This is the biggest single step change in asset value in history.”That sounds like, and is, a typical example of Musk hyperbole. Take, for example, the GigaPress, the manufacturing revolution that allows Tesla to produce cars much cheaper than anyone else.