In the intervening few years, we’ve spent a lot of time thinking about cars, software, autonomous vehicles, the future of asset ownership etc. and at the intersection of all of this, is our current view of TSLA. In our opinion, TSLA is the birth of the first HaaS company at scale. What is hardware-as-a-service? It is the realization that thru efficient assembly, modern technology and massive amounts of software, the economics will make it more obvious for a consumer to subscribe to an asset, like a car, than own a car.