They don't sell software though... they sell cars augmented with software. If they don't have cars to sell they don't have any software to sell. Sure, one coul

They don't sell software though... they sell cars augmented with software. If they don't have cars to sell they don't have any software to sell. Sure, one could argue the valuation is pricing in the value of the patents but that doesn't mean that Tesla is not overvalued. Not to mention most of their RnD and their capex goes towards manufacturing cars.