Tesla, Inc.'s latest EV sales and FSD developments motivated me to consider capex implications and led me to see TSLA's accounting EPS as an underestimate of its true economic earnings. Remains a strong buy, supported by robust EV sales growth in China and the EU, and accelerating catalysts like FSD and robotaxi. These developments could allow the company to better leverage its scale of economics and focus even more resources on growth capex. TSLA's headline P/E of 190x overstates valuation risk, as accounting EPS understates true owner earnings by about 31%.