A lot of people have taken a short position and that is driving a lot of this gain. The shorts are getting squeezed bad and have to cover thus further driving up the price. It is a lot harder to make a long term short bet due to the potential of unlimited loss and your shares being recalled.

Tesla has done better than expected with the Model 3 despite overpromising a lot and missing a lot of targets. Actually just last year Elon said he was leasing model 3's now to buy them back for a fleet of robotaxis that will start this year (LOL). But he has the hype and people's attention. It is just hard to time when that cycle will collapse.