But, analysis based strictly on car sales a mistake, especially as established car companies outsource so much parts production.
But, if you had a company that just did self driving and had as many cars on the road as Tesla does people would value it. Likewise for a giant battery factory, or a company putting out those solar shingles even with just a handful of installs.
Now suppose they sell those lines of business off to some other company to free up some capital. It's a path through the cash crunch that may catch people off guard.
PS: I am not saying buy the stock, but I don't think it's dropping enough to become a 45 billion dollar company any time soon.
EX: Several companies could sell Hulu to free up some cash. The Walt Disney Company (30%), 21st Century Fox (30%), Comcast (30%), AT&T (10%)