Not to forget much more strong brands outside the tech circles. It is not like all of Porche, Ferrari, Aston Martin, McLaren and so on just drop dead and stop producing cars. And these have much bigger brand value for traditional customers than Tesla will ever have.

As I said, I don't think tesla is properly valued right now (though I haven't looked into their financials rigorously enough to have a strong opinion).

The market is betting on Tesla being "Apple for EVs", with a combination of first-mover advantage and innovative secret sauce. Apple similarly had competitors but an Apple bull in 2008 is a very happy man today.

I was narrowly responding to the parent comment's misunderstanding of what valuation is: specifically, the fact that it includes more than simply the current state of the business, incorporating future success as well.

"Tesla's market prices relies on super optimistic assumptions" is a sound complaint. "Tesla is a midsized car company" is a nonsensical one.