The only thing that I can think of that makes this stock pump year over year is that the market seems to think Tesla is a tech company that just so happens to make cars and not vice versa. If any other car maker had these financials they would not be at this insane of a P.E. ratio.
But as the revenue to income map above shows, Tesla is indeed a car company that just so happens to make tech.
Tesla is a car company that just happens to...
...be a global leader in AI.
...be a top destination for AI, robotics and engineering grads.
...have the largest and ever growing database of autonomous miles from which to train its AI.
...have more compute power than just just about any company on earth.
...refine litium.
...manufacture electric and soon to be autonomous semi trucks.
...sell billions per year in energy storage products and software like Autobidder.
...create its own sell driving software and hardware.
...manufacture battery cells.
...create new manufacturing techniques like gigacasting that are adopted by competitors.
...builds humanoid robots that are currently working its production line doing useful tasks.
...have relationships with sister companies like xAI, SpaceX, etc. from which to borrow technology and expertise.
...has built-out supply chains to support the above at scale.
Ford and GM are car companies that happen to do none of the above and are soon going to be irrelevant. Once consumers can buy a car that drives you around, all other vehicles become flip phones overnight.
I'm paying $100/month for supervised FSD and with version 13.2.8 I am receiving value for the money. FSD supervised reduces my chances of an accident and makes driving less stressful and tiring and more enjoyable, especially for longer trips.
Anybody who hasn't taken a ride in a Tesla vehicle using version 13 FSD really shouldn't be commenting on Tesla's investment merits. Anybody, in the face of all the above reality that still wants to think of Tesla as only a car company is being obtuse or is ignorant to reality. Anybody that has been wrong about Tesla's merits as an investment for over a decade really should stop commenting as well IMO, but I know that won't happen.