I don't have a clue about economic realities (especially not now in late 2020), but current market value is the market's bet on possible future earnings, not current state of affairs.
Maybe the market's valuation is a lot of people betting on Tesla being able to scale up dramatically in a pace that current car manufacturers will not be able to catch up with. Not entirely unthinkable.
Maybe the market's valuation is a lot of people betting on Tesla being able to scale up dramatically in a pace that current car manufacturers will not be able to catch up with. Not entirely unthinkable.