You can't simply look at profit for a growth company. They spent billions in developing the model 3 and building the Gigafactory. All of the R&D around AI and autonomous driving also has value yet to be realised in the current products. The growth opportunity in their home and grid scale storage products is also significant. Same can be applied to to CCE. Their market cap has no relationship with their profit.
In terms of EVs though, GM is not serious yet and the rest of the pack are a few years behind. The Bolt is still really a compliance car and GM can't scale up production and make money with it yet. Wether they do will remain to be seen. Tesla just produced SN1 model 3 (i.e. its in production now). What VW are you talking about? The only reason the industry is moving to EVs is essentially because of Tesla. It's actually exactly they wanted to achieve.
In SA Tesla was chosen because they are a safer bet. They were happy to take the risk and include the 100 days or free offer in the contract. They are a few orders of magnitude larger than CCE. They are also one of the top tech companies in the world and SA see value in being associated with them (and as expected the SA project made global tech news over the weekend). I was sure they would get some of the contract, but was hoping it wasn't 100%!
The reality is that CCE is a little too new in this game, probably isn't cost competitive with the large players, and doesn't have the list of projects of this scale. They have the partners now to scale, but no cornerstone projects yet. They will get there, but it will take time. VIC will be a good opportunity, but there are also ample projects in all the states to keep them more than busy. They fact that they made the short list (assuming that was legit) is a good sign.
Thats my take anyway.
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