I love the "Tesla is not a car company" defense. Makes everything possible. Tesla is actually an autonomous robot company. Tesla is actually a robotaxi company. Tesla is actually an energy storage company.
Ok but where is their revenue coming from, today?
Yes, and 85% of Tesla's revenues came from cars, and it is increasing. It is part of why their profit margins have returned to auto industry norms. Tesla has two items that make them significant money: Model Y and Model 3. Nothing else is big enough to really move the revenue needle.
IMO from my viewpoint it’s obvious that Musk has made bets in places where he deliberately thought it would inflate the stock price - self driving and robots being two.
Tesla stans are great, they keep Tesla stocks high. But their conceptions of stock valuation reminds me of crypto.
It looks like the commodified products are actually the products, the dreams are slowly fading.