They don't actually need that much to justify their valuation. Go look at some of the bull cases by analysts. Some of them have a stock price in this range and

They don't actually need that much to justify their valuation. Go look at some of the bull cases by analysts. Some of them have a stock price in this range and their targets for Tesla are 5-10x below what Tesla targets in the next 10 years. If they can keep the current growth up for a few more years, and they continue to improve margin, this valuation is not just justifiable but will look like a steal. They have been improving their margin thanks to vertical integration and will continue to drive this further into battery cells and much more. Tesla also is the dominate player in home battery storage and the biggest provider of grid battery storage. Two gigantic growth markets. They already have very good products for this markets and with their own battery production, this is a market they can continue grow in for 10+ years. Tesla is also a very large solar provider, that is another growth market. Now I know on HN its considered good from to shit on Tesla and Self-Driving, but the opportunity in that market is so gigantic, that even a small chance of getting there is huge. Tesla has huge resources invested in it, they make their own hardware and they have a bigger fleet in the world then anybody and have much more real world data then anybody. And Tesla unlike other don't need 100s of million of venture investment to keep working on it. Tesla numbers are quite comparable to Amazon a couple of years ago and there we had the same people who for 10+ years said how overvalued they were. Tesla is a huge company playing in even bigger markets growing faster then anybody.