"Their real problem is that the Sales, General & Administration costs are way,way too high for what they are doing"
Hardly, They have about half a million pre-orders for the model 3. All they have to do is announce a new vehicle and open up a website and people were queuing to give cash to product that wasn't even being built or had a full specification.
The issue they have is that they can't get the car produced quick enough so the cash they are burning through is not being replaced with sales coming in because they don't have a model to sell. If they sort their production issues out smartish and (this is a big and) the price tag allows for enough profit then they'll be sitting pretty. Don't sort the production out or each car becomes a lot more expensive to produce than first thought and they'll have problems.
However, I wouldn't want to bet against him, he's done so remarkable things so far.