TSLA's biggest problem is that it will probably remain unprofitable, even if the 3 is incredibly successful, and it sells hundreds of thousands of model 3's next year at the ~$45,000 average sales price it has claimed it (still) will.
“Structurally bankrupt” means that even after achieving volume Model 3 production, Tesla will continue to hang on as it has hung on since it first was formed: incapable of generating any free cash flow, and therefore utterly dependent on continued capital infusions for its survival.
So, what’s the big deal if Tesla just continues along as it has done in the past?
The big deal is that, up until now, the story has been that the Model 3 is not only the culmination of Tesla’s mission (an EV for the masses), but also the product that will transform Tesla into a profitable enterprise.
Indeed, with a $50 billion market capitalization, the belief is that the Model 3 will transform Tesla into a hugely profitable enterprise...
https://seekingalpha.com/article/4126264-even-model-3-success-tesla-structurally-bankrupt