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www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesLLC.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE40.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.??GlobalResearch15August2018IsTeslaRevolutionaryorEvolutionary?Lap1:Powertrain–AnEngineersDream,ButAnAccountantsNightmareWhatsbetterthantearingdownaTeslaModel3?TeslaisnowrampingproductionoftheModel3,thehighest-profilecarlaunchinthepastdecade.Lastyear,UBSEvidenceLabtoredownanelectriccartounderstandtheprogressofEVpowertrains.Thistime,UBSEvidenceLabdidnotonlyteardownthenewTeslaModel3,wealsotoredowna2014BMWi3,a