Not sure I'm smarter but my take is this. People look at Tesla and are looking for a 2nd that can get close to their valuation. Traditional companies are encumb

Not sure I'm smarter but my take is this. People look at Tesla and are looking for a 2nd that can get close to their valuation. Traditional companies are encumbered by contracts and the need to support existing infrastructure (garages, resellers etc.) all of that doesn't work well for electric. These guys have very deep pockets, big contracts with Amazon etc. that can keep them pushing out cars for years and they don't have a history to encumber them. They can copy everything Tesla does and the market is big enough to support them. I think the valuation is wishful thinking and a lot still remains to be seen but who knows...