The inflated stock price is easy to explain: intangibles are part of the balance sheet.

In my guesstimation, Tesla will be making electric cars with a range to dollar ratio that can’t possibly be matched by incumbents for the foreseeable future.

VW and the rest are more capable of producing a refined car, but (again, my opinion) Tesla’s EV advantage is similar to the big three’s various inertial advantages that they enjoyed in the mid-20th century.

Perhaps more US-specific: buying a Tesla over something like a VW ID.4 gives you the supercharger network. It will be years if not decades before the general open standard charging network can compete with that benefit of ownership.