What I wrote is absolutely correct. I was writing about what Tesla does. Tesla does things that no other company can do. And in so doing, it drives the perception that this trend will continue in the future. Tesla will continue to innovate like nobody else and that will drive future profits.
When it comes to high tech growth stocks, the price investors are willing to pay depends heavily on how those investors perceive the future.
If Tesla was just a car company, you would be right. But Tesla is not just a car company.
Perhaps incongruously I agree with both you and
@Bet TSLA in part and disagree with you both in another aspect.
TSLA price is driven now almost entirely >50% of typical volume by short sellers, most such volume from 'market makers' (the ' because they are less 'makers' than 'manipulators'). That means the price is largely determined by those participants. As the daily chart analysis of
@Papafox usually shows, that manipulation is constant.
Long term innovation does indeed enable Tesla's own product advances, so it is logical to value them. However, securities analysts who drive much high volume in institutional investors all see a very limited scope. In fact today, an inhibition to high valuations is "an aging product line. Model S from 2012 and the most recent Model Y, itself only a reskinned Model 3, dates from 2019". That litany totally ignores factory automation, constant product evolution, octovalves, gigapress, 4680, lithium refining, Megabucks, VPP, subscription revenue and Supercharger revenue from 90% of the NA BEV market within two years already committed....and much more as we all know. BUT...read the analyst reports and most ignore nearly all of that, while the legacy dealers, oil companies and UAW, among others, are very happy to push FUD.
The sum of that is that both of you suggest that price of TSLA relates directly to future value of TSLA. Some theories suggest that, but Rational Market Hypothesis has been disproven definitively. OTOH, if HODL, eventually the roller coaster pays off handsomely. If not HODL no way at all! The volatility will not soon end, especially since the SEC has explicitly ruled that even Naked Short Selling with Failure to Deliver can and does have useful purpose. Under NO circumstances is long term TSLA value reflected in present market price.
Note that the PE ratio seems high, for example, but that good ratio neatly ignores capital base, free cash flow, capital efficiency and much more. Those indicate long term value, to be sure, but have minimal effect on TSLA price.
Of course I agree with you that long term value is the basis for my decisions and those of other HODL As for market timing, even in years, not so much. in multiple years, a different matter.
. And if this is one of those "fiscal 2024 during calendar 2023" things that I don't understand the purpose of, then feel free to laugh at me instead of with me 
