What systemic reason can allow this to go on for so long? I obviously discount a lot of the forward looking promises given the track record. Something seems deeply off for 6 years.
6 years may be a _bit_ long, but I think it has probably been kept going longer than it otherwise would by the current AI bubble, after the EV bubble fizzled (while EVs are a real industry they no longer drive super-high valuations). The likes of AOL maintained very high PE ratios for some years during the dot-com bubble, as did Enron, say.
The big question is can Tesla find yet _another_ bubble to jump to after the AI one pops. Watch out for Musk starting to say the word 'quantum' a lot.
https://archive.is/rz84W
What systemic reason can allow this to go on for so long? I obviously discount a lot of the forward looking promises given the track record. Something seems deeply off for 6 years.
6 years may be a _bit_ long, but I think it has probably been kept going longer than it otherwise would by the current AI bubble, after the EV bubble fizzled (while EVs are a real industry they no longer drive super-high valuations). The likes of AOL maintained very high PE ratios for some years during the dot-com bubble, as did Enron, say.
The big question is can Tesla find yet _another_ bubble to jump to after the AI one pops. Watch out for Musk starting to say the word 'quantum' a lot.
"But Barclays analysts estimated that Tesla’s pretax profit margin in 2025 was about 6 percent, less than half as much as Toyota Motor’s."