Tesla (TSLA) Has More 'Vaporware' Products Than Real Products - Analyst

Vaporware is defined as "software or hardware that has been advertised but is not yet available to buy, either because it is only a concept or because it is still being written or designed."

According to GLJ Research analyst, Gordon Johnson, Tesla (NASDAQ: TSLA) has more 'vaporware' products than real products, by a ratio of 2 to 1.

Tesla's current cars/products not in production, according to Johnson, (i.e. 'vaporware'):

• Roadster (unveil was 2yrs ago)
• Semi (unveil was 2yrs ago)
• Model Y (TSLA refuses to mention how many pre-orders they’ve received here)
• Cybertruck ($100 fully-refundable deposits on a car that will likely cost $60K, or 0.167%, is the equivalent of someone putting $1.67 toward an $1,000 i-Phone & apple calling it an order)
• ATV
• FSD (to be FSD, TSLA would have had to achieve level 5 autonomy… they’re at level 2)

Meanwhile, the products they currently produce and sell:

• Model 3 (ASPs and units are in severe decline, and sales were down -49% y/y in Oct. in its biggest market, the USA)
• Model X (sales have collapsed in both the US and globally)
• Model S (same as Model X)

The analyst goes on to say that the real products Tesla sells are seeing large negative year-over-year growth currently.

Besides the 'vaporware' products, Johnson also asks "what about E. Musk’s promise that: (a) TSLA would have flying cars (he made this claim 322 days ago), (b) TSLA would create break pads that never need to be replaced (he made this claim 336 days ago), (c) TSLA would have a base on Mars in 2028 (he made this claim 432 days ago), (d) TSLA would have a one hour body shop (this claim happened 437 days ago), (e) he would fix the water in all Flint houses above FDA levels (he made this claim 504 days ago), (f) there would be no more mass layoffs (533 days, and multiple layoffs, ago), etc.?"

Johnson said instead of taking every claim by Musk as "gospel," the media should start holding Musk to some of his claims.

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