From the perspective of addressable market opportunity, personal vehicles are a steady size and satisfied market. There are cars that you can buy from $500 jun

From the perspective of addressable market opportunity, personal vehicles are a steady size and satisfied market. There are cars that you can buy from $500 junkers to $500k monstrosities, and there is little opportunity to 10x the addressable market size. Electrification of cars, while critically important for the climate, does not open an entirely new modality of life in the way that cars initially did. It's not transformative as a business model. Therefore, unless they cause a major behavioral switch that is monetizable, EVs will just eventually replace the current car market. Tesla's potential growth as an EV maker is directly proportional to traditional automakers' car market loss, to the extent that happens. Does that justify a 10 or 20x valuation? Only if you think they will reach dominant global market share of all cars. To do so they would have to have an non-replicable comparative advantage, which they have failed to demonstrate.