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Personally I don't understand it either, but I think the thesis is/was that Tesla isn't just a car company.
So beyond just the car business you'd also have the vertical manufacturing including batteries, eventually autonomous self driving, the charging network, and even at people's homes stuff like the solar roofs.
How that ever made them more expensive than basically the rest of the car industry combined I don't know.
I could see the high evaluation if they have a lead in self driving, but they don't have any edge compared to their competitors including Google/wamyo, Mercedes and so on
It's pretty simple. The market is not rational, and anyone trying to convince you otherwise is an idiot
In fairness, tesla is not just a car company. Batteries and solar are a significant and growing part of their business.
Their plan was always to popularize evs and then sell batteries to Ford, Chevy, and all the others.
But Tesla doesn't make their own battery cells. They put cells (made by suppliers) together as a pack, but that is something that their competitors can easily do themselves (and they do already). Their solar business doesn't seem to be significant at this point, and I can't imagine it would be considering the steep cost required to get an installation done.
I think you're incorrect. They, in partnership with Panasonic, make a ton of cells at their Nevada gigafactory. They have five more gigafactories where they make other components like motors, batteries, photovoltaic cells, etc...
I also think "easily" is pulling a lot of weight in your sentence there. Scaling up battery pack production to hit manufacturing goals in the next 10 or so years is going to be difficult for anyone attempting it.
All that said, fuck Musk I wish he'd take a ride to Mars already.
Tesla has had a head start, but BYD is hot on their heels and is looking to surpass them soon: https://www.visualcapitalist.com/visualizing-global-electric-vehicle-sales-in-2023-by-market-share/
I think one problem for other companies is that they already have ICE vehicles that they're content with making up the vast majority of their sales. Those other companies are still only pricing EVs for the higher-end market, which don't necessitate higher unit production to make significant profits. Tesla only makes EVs and thus dedicate 100% of their manufacturing capacity to EVs. BYD is also a pure EV manufacturer and seems more capable of expanding than even Tesla. Tesla doesn't have the moat that its stock price pretends it does.