Car companies were asleep at the wheel before Tesla. Selling EVs is perfect because they have lower OpEx at the cost of a higher CapEx. Higher CapEx means more revenue for the car manufacturers, and higher valuations in the long run if they can maintain their profit margin.

Car manufacturing will be a more valuable industry as EVs become the standard, but definitely not fast enough to quadruple the value of the industry in a handful of years. Not unless we start overvaluing every company like Tesla.