This market cap is assuming that Tesla captures the entire auto market at higher margins than any car company to exist ever. To which, I ask, have you seen the auto market? Do you think the Germans are just going to let BMW and Volkswagen die? These companies used to make tanks, and still could if you pressure them enough. Hyundai is 6% of the entire South Korean economy; do you think they are just going to let another company consume that? And as for China, the world's largest auto market, you are at the entire whims of the CCP, which could decide to kick you out in favor of their favorite local competitor at any time.