Because stock prices reflect future earnings, not past earnings.
Basically, people buying TSLA stock believe future sales will be larger than Toyota.
Basically, people buying TSLA stock believe future sales will be larger than Toyota.
I have a hard time seeing how future earnings of Tesla even exceeds the liquidation value of Toyota, given the stock has never made earnings a year in its life.
You recognize the valuation premise is based on expectations of future results, then you nail Tesla for its past results (no history of annual profit) for a supporting argument ("given the stock has never...").
Why would owning Tesla gets your SpaceX?
... until the day they sell