[scythe]

Tesla's car business doesn't exactly justify their valuation either, certainly not with their recent decline in profit margin. A comparison to other manufacturers makes them look ridiculously overvalued. The explanation, to the extent there is one, probably has to do with a (real or perceived) moat of expertise surrounding EV and battery technology that may allow (???) future innovation/expansion into new markets. I'd say there's a large chance it's all hot air, but they've pulled several rabbits out of the hat already.