Their valuation is three times larger than Toyota, yet they manufacture only 10% as much cars a year. It’s still deeply rooted in hopes of future expansion and innovations, lack of which they might not survive.
They sold about 1/8 the cars Toyota did in 2022 but they also made about 8x the profit per car. And Toyota has a huge debt load whereas Tesla had money in the bank + was growing + FSD will Soon™ be here (and if/when it does, Tesla's profits will explode) + there's the energy business + there will probably be something like AWS for AI in a year or three.
