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Weighted averages. Toyota's market cap is 180b Ford/GM/BMW/Honda's are around 50b Tesla has 350b market cap now. About equal to all the ones I listed above.

• rsj_hn 4y ago
  I like Tesla's products - they have good engineers that are building cool stuff - but I still think the stock is overvalued and people don't understand all the off balance sheet liabilities and risks faced by Tesla. For example, supporting old models, maintaining inventories of available parts, complying with new regulations, labor issues and unionization, dependence on commodity input costs, environmental issues in production, risk of lawsuits as a result of accidents. Risk of lawsuits over dealership relations and bypassing local laws. Risk of lawsuits over "fully self-driving" marketing. Geopolitical risks with factories in China. Competitive risks from Chinese EV producers. If I were to hazard a guess, I'd say too many investors are treating it as a tech stock rather than as a manufacturing company, and they don't understand that there are solid reasons why manufacturing companies tend not to do well in the U.S., and aren't able to defend high operating margins nearly as well as tech companies. At least no one has managed to explain to me why Tesla should succeed in maintaining high margins for domestic auto manufacturing when so many others have failed.