Summary Recent news has painted a positive picture of Tesla, with the first orders of the Model X set to be delivered at the end of September. However, the first orders of the Model X demonstrate continued production problems, exaggerated promises, and profligate spending that has led to dilution. Looking at Tesla in the context of low oil prices and broader market changes highlights serious challenges in the months and years ahead. Although Tesla bulls have helped its share price rally over the past few months, the Tesla bubble finally appears to be bursting. Introduction Tesla (NASDAQ:TSLA) is reporting what appears to be lots of good news as of late. CEO Elon Musk noted in a series of tweets that the first Model X deliveries will be on September 29th, Model 3 preorders will begin next March, and there are positive reports about the new 90-kWh battery for the Model S that allows the car to go into "ludicrous" mode, jumping from 0-60 in less than 3 seconds. More