The other companies are valued so low because their ability to innovate is so low. Tesla is a vertically integrated company, while the others are horizontally

The other companies are valued so low because their ability to innovate is so low. Tesla is a vertically integrated company, while the others are horizontally integrated. The combined proprietary technology of Tesla is greater than the combined proprietary technology of all the big auto manufacturers. A lot of those companies just buy technology from some other vendor, so while it looks like they are competing with Tesla, they aren't really. The incumbents just know how to build a car, Tesla not only learned how to build a car, they built self-driving technology to compete with Google (Waymo), the built their own chips to compete with Nvidia, they built their own batteries to compete with Panasonic, and they built their own manufacturing technologies to compete with hundreds of long term industrial companies. Not a single one of those companies could design a GPU to save their life. Let alone in the time and quality that Tesla built it. You can't just look at the surface and go "Toyota and Tesla sell cars, therefore I can compare companies apples to apples"