But even just assuming 0% interest rate on that debt is still a lot better than ignoring it entirely. For simplicity you can add Toyota's $200 billion debt to i

But even just assuming 0% interest rate on that debt is still a lot better than ignoring it entirely. For simplicity you can add Toyota's $200 billion debt to its market cap to do a more apples to apples comparison with Tesla (since tesla only has ~$5 billion debt). So now we're talking $700B for Tesla to $500B Toyota assuming Toyota's debt is interest-free. As for political factors, it seems that would only benefit Tesla vs the other automakers as Tesla only makes electric cars which is where many governments are trying to push consumers to. Other carmakers have to figure out a way to convert their ICE assembly lines to EV lines if we assume that we'll be moving towards a mostly electric future (which I believe, regardless if it's Tesla or someone else who takes us there).