When you find out that Tesla has their finger not only in car manufacturing, you realize that they should never be evaluated as a car manufacturer alone. They compete in Solar power (solar roof), in battery storage (commercial and private), autonomous driving (Waymo is valued at more than 100 billion, why shouldn't Teslas autopilot division alone too), energy autobidder, own battery tech and so much more. Maybe they are a bit high right now, but just simply comparing Tesla to VW or whatever doesn't cut it.