It's one thing to say Tesla has been successful. It's quite another thing to say that Tesla's success justifies a market capitalization that is not only the highest in the auto industry, but is greater than the combined market capitalization of the second through fifth automakers.

Despite being the 11th biggest by revenue.

It's true that high-end carmakers seem to get a lot of goodwill valuation simply for being high-end carmakers. But normally not that much.