I suspect this will be happening more over time while some might get burnt in the short term.
Elon Musk is very smart and while he keeps his fanbase onboard I would expect Telsa to do well.
I can't help but think that with sizeable Automotive manufacturers such as Toyota, Volkswagen, Renault, Ford, GMH shifting their production facilities to increase output of electric cars, the Tesla sales will be capped or even decline and the company might have a more realistic PE ratio, closer to other companies in that industry. Who knows, they might split the battery company from the Automotive manufacturer.
While in 2020, in Europe there were 20% more Renault Zoe sold than Tesla Model 3's, more recently I believe that Volkswagen's ID3 was leading the sales chart. According to some, there were some shenanigan's where VW owned up to 35% of the stock being sold in December to gain clean car credits to avoid heavy taxation in some countries.
While the approach they have taken is disappointing, it would be fair to assume that these vehicles will be sold at the lowest possible prices to increase their share of clean car credits.
While I don't aim to compare the two organizations given they are in different industries, have very different management and differ on so many other fronts, I can't help but think that the PE ratios that were suggested in all the speculations to date about ADO seem to be conservative when I look at the peak of what Tesla had as it's PE ratio.
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