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I honestly think it's been sold as more than a car company. But you're right in that even as it comes down it should level put. I'm not sure how it can be valued over Toyota tbh.
Margins and growth trajectory are the only rational reasons to value over Toyota. What is the growth story for Toyota? Most of it is in-country buying of stock. Don't confuse stock valuation with current market share or brand name.
OTOH - Cathie Wood's argument for Why TSLA is a $2000 stock is absurd. I think a lot wallstreetbets people follow her advice and drag others. Her assessment of future value is nonsensical but I bet it moved a lot of money into TSLA.
Sorry: $6000/share!