Just going to say the obvious: If they were crunched for money, they would have rushed out cars that were less-than perfect. The fact that they are so complacent about holding back deliveries while they tweak things tells me that they are very confident in their cash position.
I'm no expert, but my thoughts are that if a new car company (in general) wasn't releasing a new car it could mean one of two things. Either they're very confident in their car and want everything to be right... or they screwed something up so bad, that they're hiding it for as long as possible. Obviously in the case of Tesla we know it's the former, but not all investors are believers like us. Once production ramps up and customers and magazines get ahold of the car for a longer amount of time, I think we'll see the stock go up.
Then again, plenty of my other predictions have failed, like these:
"After they show off the Model S Prototype at the NAIAS, the stock will go up" - Happened January 11th, 2011. Stock went way down.
"After they show off the Model S Betas and the Tesla factory, the stock will go up" - Happened on Oct. 1st, 2011. Stock went down.
"Once they announce the firm delivery date of the Model S, the stock will go up" - Happened on May 22nd, 2012. Stock didn't appear to be affected.
"Once they deliver the first car, the stock will go up" - Announced this on June 6th, 2012. Stock went down.
"Once they deliver the first batch of cars, the stock will go up" - Happened on June 22nd, 2012. Stock went down.
"Once they allow test drives by both the reservation holders and the media, the stock will go up" - Happened on June 23rd, 2012. Stock went down.
So apparently I suck at predicting the short-term market. Good thing I'm in this for the long haul.