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Market cap (ie, stock price) is not a good indicator of present value, but perceived future value.

Edit: I also think TSLA isn't a car company. More like a battery company.

Someone here was arguing that advertising can't be measured only through impact on present sales but "good will and long term value". Tesla seemingly has good will beyond any competitors.

Also Tesla is buying battery cells, sells cars and expects to have third parties supply batteries long term - how can they be a battery company ?

Same way Apple is a computer company but Foxconn does most of the building of said computers?

But Apple sells computers ? Tesla is selling some battery installations from what I saw but their core business is cars. You could claim they are valued as a software company because of FSD, but I don't really see the battery angle, they would be not be anywhere close their valuation if they were valued on that angle.

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