I completely agree with you that this doesn't represent real growth for Ford. Auto sales have essentially reached peak already; people only need so many cars. Honestly, this is what I find so ridiculous about Tesla's valuation. A valuation that puts them as worth more than Ford then needs Tesla to be selling more vehicles than Ford to justify that valuation.

All of the existing manufacturers have better infrastructure than Tesla and are getting into the hybrid, electric, and autonomous car marketspace. Even if Tesla survives long enough to make a profit I see no way this company ever justifies it's current valuation. Long term I expect huge price drops in Tesla stock.