Toyota and Tesla don’t just manufacture and sell cars they have a more complicated business model. Tesla’s EV charging network for example should clearly be part of their valuation and is unrelated to Toyota’s business strategy.
IMO people are heavily discounting Toyota’s stock compared to their car/total sales for two reasons. Most critically their 200+ Billion dollars of debt, but also the significant sign of mismanagement from their useless investment in Hydrogen.
Hydrogen aircraft/heavy equipment could have real utility, but it’s simply not compelling for passenger vehicles. High capital and operating costs + low energy density + low efficiency all for faster fueling times.