It's interesting to see that most comments look at Tesla based on their fundamentals, some kind of analysis of their currents financials vs. expected future financials. This is sound, if you are hoping to get 12% returns, but I think stock market today is more about expected returns measured in 100x multipliers.

Money is cheap, so it makes all the sense to buy risky assets. What has the best chance at growth, Tesla or BWM, Airbnb or Hilton ...and so on. Tesla could be overvalued by 100x, and be still undervalued because its expected growth is still much higher than that of your other alternatives.

At the end of the day, Tesla futuristic, exciting, and keeps innovating. Every one else is just playing catch up. What is more likely, old school car companies learn to innovate, or Tesla learns to produce cars with less defects and for less? They seem like equally likely, but one is a much harder problem than the other as it is rooted in the very origins and goals of the company.