I get what you're saying, and there's truth to it, but Tesla is also valued higher than all the major car companies. For that to make sense, it either needs to

I get what you're saying, and there's truth to it, but Tesla is also valued higher than all the major car companies. For that to make sense, it either needs to have a business well beyond cars (maybe batteries, maybe not; maybe solar) or a path to significantly better margins that competitors (unlikely). The valuation right now is entirely a bet on Elon and being part of the story.