One can see a logic to all this, however. It is the same phenomenon that means Donald Trump’s outbursts no longer generate the controversy they once did. 

In the same way that, nobody bats an eyelid at the US President makes an off-colour comment or disparages a fellow world leader, it hardly seems to matter that the chief executive of the world’s second-biggest car company by market value is being investigated by the SEC one day, publishing techno music online the next, and defending himself against defamation claims the next.

No triangulation

It’s all part of the cult of Elon. Your two options are to buy into all of it, or none of it.

Except that this sort of thing only works when you’re on the up. Tesla has been on a good run. Whilst it is yet to make an annual profit, it has been in the black for two consecutive quarters and is selling more cars each year, while electric vehicles released by established carmakers are struggling to have an impact.

In contrast to the production problems that plagued the Model 3, it has brought forward plans for its next car, the Model Y. As a result, shares have doubled in three months.

Perhaps this will all come to a head. The fact that Tesla has never made an annual profit and sells just a fraction of the cars that its less highly-valued rivals do might begin to count for something. But there is little evidence of that happening so far.





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