I live in a country (Norway) which has been a early-adopter market for EVs. In 2014 Tesla cars were endemic, you could see them everywhere. I was a big believer in Tesla cars.

But things obviously changed. We're still a lead market as far as Tesla sales go, but right now it is just another car. There's absolutely no rationale to automatically go for Tesla.

Which is why I find it incredibly difficult to see how Tesla is valued. The Tesla market cap is more than all other EV producers combined.

Musk evangelists will now yell "Self-driving cars! AI! Robotaxi!", and rationalize that the value behind Musk is potential. The potential that his products will be some fantastical thing in the future.

5% float and index inclusion. Basically controlling both the supply and demand levers.