I think you're forgetting that Tesla has the #1 selling high-end luxury sedan model for both North America and Europe at a 25%+ profit margin, and the Model X is ramping well enough to not be a big risk factor going forward.
They would need reckless mismanagement, a severe black swan event like worldwide depression, or some other catastrophic event to have significant Model 3 issues. Given that Tesla and SpaceX survived through 2008--with basically no good income stream at all--I think they'll be fine.
I share the view that a Tesla bankruptcy would be unlikely. However, I think you greatly underestimate the difficulty, and the costs, of what Tesla is now undertaking. The amount that Tesla will need to scale its infrastructure in order to produce 500K cars a year... is very significant, and impacts areas ranging across actual production facilities through supply chain management, personnel, and more. The expectation is that Tesla will do that all in approximately 1.5 years - 18 months. That is, in the most optimistic sense, an extremely challenging goal. It will require that literally billions of additional dollars be spent, and will require that all of these significant scaling efforts - efforts that impact virtually every area of the company - be executed to perfection, as many of them have interdependencies such that failure to make schedule in one will impact the rest. In particular, the GigaFactory is a huge unknown and a huge risk, since strong battery production rates there will be required in order for Tesla to be able to meet the demand and also to deliver the margins needed to be profitable. And as the GF is nowhere near finished, and as nobody has ever produced batteries at such a scale before... it has many, many potential failure points.
And of course, all of this will require the investment, as I said, of billions of dollars in a very short time, which as it happens is greatly more money than Tesla has available to it in cash holdings and credit lines. That of course means they will need to sell bonds, have another round of equity offering, etc. The stock slide of late is at least partially reflective, I think, of the market pricing in the coming dilution of shares.
Anyway, my point is that a sober look at this all is in order. That doesn't mean I'm droopy dog on this issue, that I think Tesla is doomed etc... it simply means that I think there are very significant risks and not being realistic about that is probably a bit naive.
One final point: Tesla and SpaceX did both make it through 2008, but most people don't know how close both companies came to utter ruin. Tesla was technically bankrupt, and managed an additional finance round mere hours before being unable to meet payroll. SpaceX was within days of bankruptcy when it was saved by a NASA contract. Elon expended every effort to make both companies succeed, and took on enormous personal risk... and he deserves to be lauded for that. But there was some dumb luck involved too.
Just my 2 cents worth.
