It makes at least some sense if: (1) Some percentage of existing auto makers are asleep at the switch and are going to lose in the long term as the EV revoluti

It makes at least some sense if: (1) Some percentage of existing auto makers are asleep at the switch and are going to lose in the long term as the EV revolution gathers momentum. Note that battery prices are still dropping. Also note that COVID temporarily crashed oil prices but in the long term may lead to an oil price spike since it's bankrupting and decommissioning a ton of "enhanced recovery" and harder-to-get oil operations. When oil demand recovers supply may not be there. (2) Tesla will at least not fail, and therefore has a chance to pick up market share from auto companies that are left behind. If Tesla does more than just not fail and actually improves and grows, it could pick up quite a bit of market share. Now add... (3) Every central bank is spraying the markets with a fire hose, so if Tesla at least looks decent it may hold up against asset price inflation vs. less healthy looking auto companies.