They’re still not an auto company. A lot of tech companies make no money at all for the first years or even a decade of their existence. This one decided to ma

They’re still not an auto company. A lot of tech companies make no money at all for the first years or even a decade of their existence. This one decided to make some money, giving themselves a longer runway to do very hard things (like building gigantic automated factories that can build automated things that can build automated things). You’re right that a company that sells cars is a car company. But investors tend to invest in future prospects, and Tesla’s future is not as a car company. The adage goes, “you can be right or you can be rich”. I’m not saying Tesla will succeed or even that it’s a good bet. I’m saying there’s a valid investment thesis that posits P/E for Tesla is a poor metric.