I don't disagree with any of this, conjecturally. But if in 2030 Tesla owns 20% of the global automotive market, while they may have been growing at a substantial clip, that growth has to slow down or they will in a short time sell more cars than the market as a whole (meaning: it can't happen). Since the stock market is a discounting mechanism, it will figure out/will have figured out that Tesla's automotive growth rate has slowed/will slow and value the stock at an appropriately lower multiple. At some point, the growth rate is bound to slow. It may not be because the legacy automakers get their stuff together; it may not be because new EV entrants compete effectively; it may not be because Tesla becomes battery-constrained, or service-inept, or Supercharger-exhausted. But if not any of those, it will be because there are limits to growth in the automotive industry.