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I can't help but think that # of employees and pension systems should be a bigger factor in valuations.

GM and Ford have 200k+ employees each and so much legacy baggage where-as Tesla, even with Scty, only has around 40k employees.

And they mostly tend to be fanatically hard workers.

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Legacy costs for Ford and GM are only decreasing as they stopped giving out pensions in the 90s. As their retirees keep dying off, those expenses won't be replaced.

Also, I know from experience Ford uses their ability to generate cash and borrow cheaply to give "buyouts" to large chunks of retirees at a time (ie. They offer a lump sum of $1 million dollars today instead of a pension. This almost always works out in the company's favor).

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