It's not an accident.
They've got a huge market cap at an absurd P/E ratio, but they don't have anything approaching a huge market share of vehicles, quick search shows 19% of the EV market, which is only 10-20% of the overall vehicle market.
MAMAA: Microsoft. Apple. Meta. Amazon. Alphabet
Choosing to do this with a US nexus for most purposes was intentional and helped this outcome.
For an example of this combination. Baidu is a chinese search engine and advertising platform.
It is incorporated in the Cayman Islands, its board members and management are several US citizens living in the US, several are Chinese. Its primary operations are in China with several subsidiaries in other countries. The shares are repackaged as foreign depository receipts to trade on the US Nasdaq. And also trades on a Hong Kong exchange as of 2021.
You only limit yourself with this kind of nationalism.
The chosen regulatory environment does affect the potential size of the business. Its a choice for the company, and the management. A low growth French or German company chooses to stay in France or Germany.
(sorry! sorry, as someone from MN, I'm sorry Canada! don't hurt me)
That doesn't mean I approve of everything they do. That doesn't mean I can't or won't decry their putting thumbs on scales toward a certain type of bien-pensant ideology. That does mean that, overall, I am very, very glad that they are American instead of Russian, Chinese, or even British, French, or German.