Friendly reminder that a companies stock price is completely untethered from, fundamentals, returns, dividends, and even basic assets. All it indicates is what people think the companies stock will sell for in the future. Stocks indicate the possible growth of a company as percived by a bunch of B minus students on Wall Street, not economic reality. Although it can have a self fulfilling component as it may give the company resources to develop if it issues more stock, that’s about all it actually effects the company outside of buyback programs.

Honestly, you can probably blame a very limited pool for electric vehicle manufacturers for most of Teslas price. Given net zero, it’s pretty obvious that the electric car market still has a lot of growing to do, but most electric cars are made by legacy manufacturers who primarily produce gas ones, and you can’t just invest in Fords electric program, you have to invest in Ford. Since Fords electric program is most likely to primary take customers away from Fords gas programs, you arn’t likely to see much net growth as far as Wall Street is concerned.