Does it? How exactly do you determine Tesla is cheap (or expensive)?

The business is set to lose $120M this year and according to the prospectus for the stock that I'm flipping through - they are basically betting their future on the $60K model working out.

I'm not saying Tesla isn't a buy, but what I am saying is that the company is next to impossible to value. So when the author says it is good to wait till the company has proven itself a bit - I think he means when we can get an inkling of what kind of money they will earn which is probably after the $60K model comes out.

Being able to value what you're buying is what gets you from speculating to investing.