We're talking 2 different things here. Tesla the car company has competition from the high end market (Porsche and Lucid if it ever comes to production) and general market from VW, Renault, Kia, Hyundai, etc.). There are also privately funded research companies working very hard on the future of batteries which may or may not be able to leapfrog Tesla's considerable advances. Suggesting Tesla is alone in the space is talking with blinders on. If you talk about Tesla the company intent on replacing polluting energies with electric solutions, there I agree. That's why the share price is so much higher than regular car companies, not because Tesla cars are so much better than other cars.
You are correct when you say there are other car companies working on EVs. And you are right that there are many other companies working on batteries. The major point you are missing in your argument is that Tesla has been working on EVs/batteries (and ONLY EVs/batteries) since 2008--other auto companies just started thinking about EVs, and not very seriously; they dabble in EVs because of CAFE standards and other governmental compliance regulations that incentivize them to develop EV tech (and don't incentivize them very well, EVs are generally money-losers for the legacy auto companies). Tesla also has SCALE--no other auto company on Earth at this time has no where near the scale and potential to scale like Tesla on so many fronts.
You lump legacy auto companies with Tesla/EVs--they are really nothing alike, and that's where a lot of confusion comes from not just lay people, but also investment institutions and the mainstream media. Sure, they ICE vehicles have four wheels, doors, and suspension, but that's about where the similarities end. Tesla vehicles are much more like iPhones than automobiles, so the engineers, factories, manufacturing processes, supply chains, etc, don't overlap much. Being great at making ICE vehicles in no way equates to making great EVs.
Lucid, as much as I wish them the best, make nothing at scale, and what they have coming out next year starts at $150K or something like that. That is not really significant competition when you consider Tesla's lead in autonomy, battery storage, powertrain efficiency/control, charging network, grid management, etc. Maybe Lucid will be huge, maybe they won't--only time will tell. Like Musk says, mass manufacturing is very very difficult--Lucid has many years to go before they'll be able to scale similar to Tesla.
The reason why Tesla's SP is so much higher than the other auto companies is because they have such a MASSIVE head start in not just the EV space, but in so many other spaces, and with their small, nimble size, coupled with their extraordinary pace of innovation and the fact that they attract the best engineering talent in the world, their lead looks unassailable to people who have been paying attention for the past few years (it's often said Tesla is like multiple start-ups in one company). Furthermore, legacy auto has billions of dollars of locked up capital dedicated to old outdated technology that either nobody wants, or that is being banned by governments the world over; that unproductive capital will soon turn into stranded assets that weigh on balance sheets.
Tesla is perfectly positioned for the future, both for consumer tastes and government regulations. Other legacy ICE manufacturers, not at all. Many will go bankrupt in the coming decade. Tesla's share price is high for very good reasons.