If Tesla was expected to sell to a good chunk of the world population while somehow only selling high-margin vehicles, their valuation in comparison to VW would

If Tesla was expected to sell to a good chunk of the world population while somehow only selling high-margin vehicles, their valuation in comparison to VW would make sense. However the market for luxury vehicles isn't that large, so Tesla can't be expected to keep high margins if it wants to grow as big as VW. If it wanted to be 10 times bigger than VW, as its valuation would suggest, then close to 100% of all cars sold worldwide would be Teslas (by 2021 numbers). How likely is that, given that it's currently more like 1%? Well either that or it's just another bubble created by overexcitable people. We had a few of those, didn't we?