On April 2, 2017, Elon Musk announced that Tesla produced 25,000
cars in the first quarter, setting a new company record.1Within two
weeks, Tesla’s market value zoomed past Ford Motor Company (which
manufactured more than 1.5 million cars per quarter) and General
Motors (which made more than 2.5 million cars per quarter) to
become the most valuable U.S. car manufacturer.2Elon Musk used the
occasion to needle his naysayers, writing on Twitter: “Stormy
weather in Shortville.”3By most measures, Elon Musk was...