True there is a huge potential for growth in the battery market, the electric car market is likely to grow 10X in five to ten years. From 1% to 10% of total cars produced. If Tesla is profitable with the factory in Nevada, then they are setup to build more factories in other locations as well. Quick estimation, 10 million electric cars per year, $5000 per car in batteries, $50 billion annual sales.

Also the Tesla Model 3 at $35k (before tax incentives, etc) is barely in luxury vehicle category.