But we know that stock prices are based on expectations for the future not fundamentals. So massive growth is built into the stock price but we have to start asking where this growth is coming from. That's why there's a robotaxi effort.
EVs are becoming a commodity. So over time Tesla's price direction is towards the Big Three. But with more risks, namely the Chinese supply chain for batteries.
You can view Tesla as an investment in Elon, which I think the market has. But that's on incredibly shaky ground. He's torched his relationship to the current administration going so far as to call the sitting president of the United States a pedophile [1]. Elon doesn't seem to appreciate that Trump could end Tesla with an executive order.
My point is that Elon is volatile and can so easily become a liability to Tesla. They're paying him billions so firing him can immediately and massively improve the bottom line.
As they say, the market can remain irrational longer than you can remain solvent. So I'm not predicting the imminent collapse of Tesla but I think it will come and it'll be sudden and dire.
[1]: https://www.ndtv.com/world-news/elon-musks-pedophile-dig-aft...
Now it's robots, $10 trillion market.