I don't understand this argument. Tesla is currently trading at a higher valuation than Ford. Ford has saturated the North American market. Tesla could eventually grow to saturate the North American market but is just a fledgling auto maker right now full of potential but not many sales.

But they are already trading at a higher valuation than Ford.

So unless you think that Tesla can command much higher margins than Ford does, then shouldn't Tesla only trade at a similar valuation when they are making similar amounts of cash?