There's a difference between dominating a market by market share and dominating by profit margin. Apple certainly doesn't sell the majority of phones, but they do make more money than anyone else on phones by a lot. Similarly, Tesla looks to me like the only company positioned well to ever make large margins selling significant numbers of cars. If you buy that analogy, and realize that the automobile market is about 4x the smartphone market, Tesla could be worth 4x Apple, discounted by however likely you think that future is.