Toyota makes ~9 million cars every year.
Tesla just made its millionth car ever.
Toyota market cap 201B.
Tesla market cap 112B (was ~170B at peak).
The stock market still has very far to fall before it comes back to reality again.
Also, Toyota started making cars in 1933 (licensed GM models), Tesla, in 2012 (an all-new class of cars).
Another would be to say in the end, it's the same "mature" market, one more EV sell is most likely one less ICE sell.
And it's not like EVs have tremendously changed the equation, the price is about the same (total cost of ownership), the capabilities are about the same (slightly better on some aspects, like performance, slightly worst in term of autonomy and refueling/recharging time). Right now, EVs are not extending or creating a market but are triggering a re-composition of this market.
Maybe in the future, we will see more deeper changes which will trigger a major shift (autopilots that work? reduction in cost? (EVs are engineeringly simpler than ICE vehicles)) but we are not there yet.