And what exactly would those prospects be to justify this valuation?

VW, the third-largest car manufacturer in the world, sold 11 million cars last year (27x Tesla), for ~$280bn revenue (11x Tesla) and ~$19bn profit.

VW made 1 out of 8 of the ~77 million cars sold in 2019.

Tesla's valuation is currently 6x that of VW's. So how exactly are investors picturing Tesla's growth here? To justify this insane evaluation, they'd need to utterly dominate the market by sales, and with an incredible profit margin.

This isn't driven by investors. This is pure speculation.