Tesla is currently valued at over 20x Ford even though Ford did 13x Tesla's revenue last year. That stock should have dropped through the floor a long time ago.

It is because (some) people believe/have faith in Musk. To some, he is a icon/leader to follow blindly. They trust him a lot.

Which is because, his work/impact as ceo is visible on company and industry levels. contrast that with mba shortsighted ceos and/or ceos who sit on their assess waiting for golden parachute to deploy (thats the sentiment, irrelevant if unfounded). Charisma and beeing somewhat casual/releatable person on tv also helps.

Only makes sense if Tesla becomes something else other than a car manufacturer (robots, robotaxis, etc).

If it's just about EVs they should soon be priced below Ford. Even self-driving is insufficient as long as a driver needs to pay attention. Other companies are catching up - who cares if they need more hardware and can't do just vision, it's becoming cheaper.

Like a power company with a nation-wide charging network?