Toyota's worth 300B and they have excellent industry-leading margins. Tesla is priced at 900B while shipping a tiny fraction of the cars.
[edit] Tesla shipped 241,000 cars this quarter. Toyota shipped 2.2M. Tesla's car deliveries are literally a rounding error against Toyota's. It would take 6 years of 50% YoY growth to match Toyota's shipments alone this year.
[edit2] Toyota's PE is 9.6, so once mature, Tesla should also trade right around a 9.6 p/e, if they're really lucky.
[1] https://www.statista.com/statistics/267272/worldwide-vehicle...
The market expects tesla to beat Toyota by an order if magnitude on profit margin per car. As simple as that.
The fact that the have insane YOY growth with 14B quarterly revenue, are supply constrained - not demand constrained, have very high profit margin per car if you exclude new giga factory investments is sufficient to justify the stock price.
And its business is more than vehicles - a lot more. Stationary batteries also have fat margins.
That's nothing for a company growing revenues at over 50% while still increasing its margins.
Also, Tesla is still production limited (i.e they would steal their competitors' market share if they have a few plants available). The only market where Tesla is not growing its share steeply is where they decided not to prioritize sales. Just look at the Model Y sales in Europe where they finally to make deliveries.
Tesla don't even have a pickup to sell yet, which is USA's #1 model.