The most important word: "WAS".
And even with that, the valuation of TSLA assumes geometric growth in sales to subsume legacy ICE consumer transportation with EVs.
2024 was flat at best, where the market DID expand geometrically for EVs. Those numbers also represented a "segment monopoly" by Tesla. If you wanted an EV in those years, you bought a Tesla.
That is OVER. EVs and charging infrastructure, particularly in Europe are now fully competitive with Tesla. With "European" brands, and generally speaking full access to the superior Chinese models.
What Tesla needed to do in 2022, 2023, and 2024 wasn't the techboy Cybertruck, it should have been Minivans, Delivery vans, a real pickup, compact car, euro compact car, large / medium / small SUVs (Model Y is a medium/small crossover), station wagons.
They should have had cabin options, launched additional brands for ultraluxury and for more consumer price points.
Can't do all that inhouse? They should have acquired a struggling ICE company for stock swaps and gained access to more production and platforms and parts suppliers, and could have released long range PHEVs using their battery packaging for additional scale/demand.
Because Tesla no longer has any drivetrain or battery packaging advantages. Whatever profit margin they've enjoyed will be destroyed in competition. Arguably they have too much cylindrical NMC investment that they are behind the curve in battery supply and packaging with high density LFP and Sodium Ion being superior paths to a cheaper EV battery pack (greater cell to pack density, no wasted weight/space on cooling since LFP/Sodium Ion are much more stable than NMC).
Tesla needed a huge amount of product diversification about five years ago when the Model Y was launched.