The only way to justify the valuation of Tesla is to assume that they do something that doesn't depend on individual customer sales, because those aren't ramping up at the right rate. I think they are about to launch an autonomous taxi service.

Here is a good example of Elon Musk talking about how robotaxis are going to push up the price[0]. So far nobody has talked about Tesla operating their own robotaxi service.

[0]: https://www.cnbc.com/2019/07/08/elon-musk-self-driving-robot...