A large factor in the valuation of Tesla is the notion that Tesla is not "just" a car maker. There used to be a good case for that: Tesla, by necessity, led the

A large factor in the valuation of Tesla is the notion that Tesla is not "just" a car maker. There used to be a good case for that: Tesla, by necessity, led the way in a more integrated electronics architecture for EV controls and infotainment. Self-driving looked promising. Breaking the dealer model in the US was very attractive to anyone who had a bad experience with car salesmen. But, in the end, everyone puts their trousers on one leg at a time. Car OEM valuations will probably be higher than in the ICE age, and probably lower than $TSLA is today.