Ok, so what margin do you see justifying their valuation? 10%? 15%? The margins of a company like Microsoft who makes their money on software (30%)? Even if you used that last figure, they'd more than 80x over valuation on current earnings. This is a car company. There are fundamental limits on how much money you can make.

Didn't they say their operating margin is 14.7% and automotive is indeed close to 30?

Those include massive subsidies by the government.

Wasn’t the non-subsidy margin only like 5% less?

Current earnings aren’t really relevant when they’re poised to continue growing fast.