I see chargers from multiple companies all over now - unlike a decade ago - but they’re allowing other vendors to use them, but that’s not a huge edge to hang t

I see chargers from multiple companies all over now - unlike a decade ago - but they’re allowing other vendors to use them, but that’s not a huge edge to hang that massive P/E off of. Their share price is like they’re early Google or Facebook with very high leverage sales to costs, but that’s just not how the car industry (or anything which makes expensive physical objects) works. They have a good position, although it’s steadily fading, but it’s not a money-printing machine. Electricity is a commodity so there’s an upper bound on profits before competition ramps up. One of the claims they’ve made is that FSD will change that by allowing them to eat Uber’s business, but that’s years behind schedule and they have nothing approaching Waymo’s experience or safety record, and the self-imposed hardware limitations likely mean that they will never be able to deliver what they sold to many customers. Again, that doesn’t mean they’re bankrupt but I just don’t see a way to justify their stock price on their business fundamentals unless they suddenly get a lot better at making things compared to their competitors.