I have a hard time seeing how future earnings of Tesla even exceeds the liquidation value of Toyota, given the stock has never made earnings a year in its life.
You recognize the valuation premise is based on expectations of future results, then you nail Tesla for its past results (no history of annual profit) for a supporting argument ("given the stock has never...").
You do realize that when Tesla was valued at $300 in 2017, the projections for its revenue for 2020 were $38 billion and profit of $5 billion? They aren’t even going to reach a light year from that, yet the stock is supposedly now $1000.
You recognize the valuation premise is based on expectations of future results, then you nail Tesla for its past results (no history of annual profit) for a supporting argument ("given the stock has never...").