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Note: this piece was originally written in English and translated into German. You can read the English version here.

Tesla wurde vor kurzem zum wertvollsten Automobilhersteller der Welt. Das ist ziemlich schockierend, da das Unternehmen, wie Morgan Stanley betont hat, 0 % der Autoprofite und 1 % der OEM-Einnahmen erzielt und dennoch 30 % der Marktkapitalisierung des Sektors besitzt.

Wenn Tesla nicht ein Industrieunternehmen wäre, das eine komplexe Lieferkette, Arbeitskosten und Distribution zu verwalten hätte, wäre es vielleicht leichter zu verstehen, wie es mit einem EBITDA-Multiple bewertet werden könnte, das deutlich über dem von reinen Technologieunternehmen wie Google und Facebook liegt. …


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Tesla recently became the world’s most valuable carmaker. That’s pretty shocking since, as Morgan Stanley has pointed out, the company generates 0% of auto profits, 1% of auto OEM revenues and yet has 30% of sector market cap.

If Tesla wasn’t an industrial company that had to manage a complex supply chain, labor costs and distribution, it might be easier to understand how it could be valued at an EBITDA multiple well in excess of pure tech companies like Google and Facebook. …


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Our business is to invest in things that move, yet the world has stopped.

Investing is, at its core, a statement of faith in the future: inventions conceived today will find an onramp to the bustling highway of tomorrow. It’s not surprising that a recession would come, but the speed, severity and strange form that it has taken is certainly startling.

The world has seen the most intense contraction in the labor force ever recorded over the past few weeks. We’ve had an unfortunate front-row seat on these changes: many of the teams that we have backed have been forced to make difficult decisions now to preserve the future for their startups. We’ve also witnessed the challenges faced by large companies as production schedules and work routines have been wrecked. …

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