Tesla Motors, Inc (TSLA) IPO : Good Buy?

I've been asked by several people about what I think about the Tesla Motors IPO (TSLA) yesterday. It was offered at $17 and closed on $24 yesterday. It was at $28 this morning.

What I find interesting about the company is that the CEO founded PayPal, and it is the first U.S. auto manufacturer to go public since Ford in the 1950's.

I read about the IPO the day before it happened. I thought about whether it is worth buying and decided against it.

1. The company has lost money for years.

2. They currently make only 1 car which costs over $100k.

3. They have only sold about 1,000 of them.

4. The IPO and price are assuming that they sell a lot of the new car they are developing, which might cost between $35-45k.

5. The new car will have competition from the Nisson Leaf and Chevy Volt.

So I concluded it's too much risk relative to the possible reward.