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. Autopilot was the coup de grace for me on this HaaS line of thinking. With 100k’s of cars collecting millions of data points likely every hour(!), their software will become iteratively better, bordering on amazing, over time. At this point, it will be up to TSLA to simply decide that instead of selling a consumer a car, they can allow that consumer to subscribe to a car — or really, a massive fleet of cars.