I agree that Tesla Stock has been vastly overpriced for a long time, the markets overall are highly irrational at the moment, and Tesla/Musk are some of the biggest winners in this. The thing is, that with the stock prices being what they are, Tesla can probably outright buy a good car maker, including the factories and store networks. Given that they do still have a pretty sizeable technological lead, they should be able to become a major player in the auto industry in the coming years. I highly doubt the company will ever be worth as much as it is priced at now though.