#特斯拉 The Roadster took flight, but Tesla’s stock didn’t follow.

On the first trading day after the demonstration, Tesla opened higher but fell as the day went on, ultimately closing down about 2.13%. It seems that no matter how thrilling the demo was, it couldn’t answer the three questions investors care most about: When will production begin? How many units can it sell? How much money can it make?

The market has already been waiting too long for the next-generation Roadster: it was unveiled in 2017, and now its production target is set for 2028. Even if deliveries are successful, how much profit an expensive sports car can contribute to Tesla remains an open question.

Another thing worth watching is SpaceX’s role behind the scenes. The cold-gas thrusters and high-pressure storage system showcased this time rely on core technologies from SpaceX. In other words, without SpaceX, Tesla couldn’t take flight.

This has once again fueled speculation about whether the two companies might merge. If it comes to that, the valuation and terms of any stock swap will be what matter to investors’ wallets.