When a stock trades at 62 times forecast Ebitda, it's tempting to blame high expectations. But in Tesla's case, low expectations are equally culpable.
Tesla Inc. is having a bad week. On Thursday, the Insurance Institute for Highway Safety said Tesla's Model S sedan failed to achieve its top crash rating despite some improvements made after the last time it fell short. This followed Wednesday's news that Volvo -- owned by China's Geely Automobile Holdings Ltd. -- would at least partly electrify all new models from 2019 onward.