I'm not sure I'd use the stock market as a barometer when it's so disconnected from reality in general.
I cashed out about 25% of my investments during late Feb when things were starting to look bad, and then stocks tanked.
Nothing since that moment has made any sense to me. I've kept that money out because I can't sense of anything. I've never been a particularly savvy investor, but I've never been so "WTF do I do?".
Some of the high valuation of Tesla might be because it's the only game in town, and there seems to a lot of new investors trying to capitalize on the volatility of Covid. The very thing that has me on the sidelines have them in the game.
As to Tesla's business model I think one look at it from the perspective that Tesla has both sides of autonomous driving covered.
If Tesla completely fails with autonomous driving then what difference does it really make? No one is anyone close to offering autonomous driving beyond a geofenced area. Tesla can always rejoin the group of car companies that buy a third party solution like MobileEye.
Tesla has something no other car company has, and that's an end-to-end solution that covers everything from the energy that powers the vehicle to the insurance itself. It's perfectly situated to sell the car as a service.
It's also gone international where there is a plant in China, and a plant that's going to open in Germany. Those are extremely important as their both countries where its much easier to sell their if they're made locally. This also allows them to build specific models in Germany, and then import them into the US. That allows them to build more Models.
