But is the size of the market growing even faster ? Tesla is making money on each car sold. But you are right, they do invest a lot in R&D and factory expansion (e.g. new factory in China starting this month to produce model 3 cars). I am still not sure if we can tell now if they are doomed, it might be too early. It is a tricky game, but as long as they make money on each car sold, and keep some technological edge (battery, manufacturing, etc.) they should be fine.