The main drivers of Tesla's valuation are that 1) they make incredible cars (some of the bestselling in the world already), 2) they have a massive head start on

The main drivers of Tesla's valuation are that 1) they make incredible cars (some of the bestselling in the world already), 2) they have a massive head start on EVs, 3) they have fantastic margins (most other manufacturers are selling their EVs at a loss), 4) they have the full self-driving lottery ticket, which, while still unproven, will pay off huge if it succeeds.