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It has an alarm system and immobilizer system. The only ones that have been stolen so far, the thief had the key fob. One was recovered after a pretty spectacular car chase in San Diego, another was destroyed (and the driver, with no seat belt, eventually died) after a REALLY spectacular car chase in west LA. They're the only ones I know of.
In addition, it's not possible to hotwire a Model S. There are really only three practical methods: 1) steal the fob, 2) carjack, 3) flatbed. However, as there is zero market for used Tesla parts and the complete vehicle can be tracked, the only thing a thief can do with the car is joy ride. This limits the theft potential.
