Even if you are right, so what? They are profitable on an operating basis. Do you accept the basic fact that if they stopped all investment in charging network, new models, new factory capacity they would be very profitable? They don't do that, and shouldn't, because they are building for future growth.
They are supposed to be spending the capital raised on this investment. If you want to argue it has been squandered, do that. They are not spending it on bonuses and CEO pay. The worst you can say, and here you can fill in the bear case, is that they spent too much on charger/service center infrastructure or the model X. That is your argument, explain that to us. But to just say they raised money and spent it is falling on deaf ears.
The GF money we care about most in the next few quarters comes from Panasonic anyway. So if you want to argue that Panasonic doesn't have the money to build out the equipment inside the building, or cannot raise it lets hear that.
If they are in fact squandering raised money on the *wrong* investments, then I would expect that the secondary underwriters would have harsh questions about that. Until that happens I expect the answers are good. The money being spent is on valuable investments, but maybe not the expected columns as you suggest. so what?
Sure they will raise capital and continue to do so. SO WHAT? Explain why investing other people's money in factories and other capacity is a bad thing?
