Tesla has its value because it is rapidly expanding. It is close to 1 million cars for this year and will massively expand next year with the factories in Berlin, Germany and Austin, Texas coming online late this year. The existing factories also expand.

They are also developing and building their own factories for batteries, besides buying from partners. They will receive massive subsidies for their german battery factory. Which is somewhat ironic because these subsidies were introduced by EU and Germany to make european and german electric car manufacturing more competetive. But as german car manufacturers except VW a in a deep sleep they missed that opportunity. They are now slowly waking up.

When they reached $900 for a share early this year they were probably overvalued, at least Elon Musk said so. But now that's no longer true. They may not reach the goal of 20 million cars a year by 2030, but 10 million cars is certainly within reach. Which will make them equal to VW or Toyota.