[cypress66]

Their profit margin is also a huge factor.

> Nikkei Asia’s analysis shows Tesla made $9,570 per vehicle during Q3, enough to make Tesla more profitable per vehicle than any other manufacturer on the planet. However, the report states this is unconfirmed. Toyota made only around $1,200 per vehicle.

Basically investors see Tesla as the future Apple of cars.

[ryanwaggoner]

What is their moat though? Apple has a bunch of moats:

1) Brand cachet

2) Supply chain prowess

3) Software lock-in (it’s a pain just to switch away yourself)

4) Social lock-in (it’s a pain to switch away from what your family and friends are on)

I’m not arguing in favor of these btw.

Cars don’t have 3 or 4. Musk is rapidly destroying 1.

Can Tesla really beat Toyota at supply chain? Color me extremely skeptical.

So that leaves what, FSD? I mean, I guess maybe Tesla will both get to actual safe, reliable self-driving first in a way that people choose Tesla over other cars, and they’ll somehow maintain that position even when Waymo or others start licensing their tech to everyone. But there’s no evidence for that. The evidence seems to point to FSD being a dangerous fraud that’s stuck on a dead end road with little ability to make a u-turn. Just like their so-called Full Self Driving performs in real life :)

[boyka]

10k is still half of recently re-IPOd Porsche profit per car though. That probably doesn't explain the majority of their valuation. Especially given that Porsche are similarly priced [0] and don't have revenue from CO2 certificate sales which are 20% of Tesla profits [1].

https://fred-lavery.porschedealer.com/how-much-does-a-porsch... [0] https://carboncredits.com/tesla-regulatory-carbon-credit-sal... [1]

[redox99]

Porsche revenue increased by 15% compared to last year, Tesla's 55%. It's not even close.

More so, I think Porsche intends to keep marketing themselves as a luxury brand, while Tesla aims to produce cheaper cars in the future, so the TAM is much larger.