The premise of the VC guy is the third iPhone was the game changer, so the third Tesla car would be the game changer. I'm not even sure where to start on how horrible that analogy is. It was actually the 2nd iPhone named iPhone 3G that was the game changer. That was when the app store launched. Then there's the fact the iPhone was profitable from day one. iPhone had ~60% gross margin while Tesla GM is 24%. Tesla still won't be profitable after model 3. I'm not even counting the different capital requirements of scaling capacity in the two businesses. Tesla will have to spend tens of billions more to scale production to equal Ford or GM.
If Tesla was located anywhere outside Silicon Valley, then people would value it as an auto company and not a tech company. People love to conveniently ignore the capital requirements to scale manufacturing to even modest numbers. Who'd get excited about a company that needs to spend tens of billions on capacity to sell products with 24% gross margin? What successful tech company has GM that low? Is model 3 going to hurt or help that GM number?