Exactly. Looking at competition from China, but also the West, I don't see Tesla having a moat in EVs, in robots, or even in batteries in the medium term (compare e.g. [1]).
How can they produce the extraordinary growth and excess profits that would justify their valuation?
Fundamentals will reassert themselves sooner or later, but as we see it can take a long time.
[1] https://electrek.co/2026/05/07/tesla-4680-battery-cell-perfo...
Their per-car profit margin is the moat. Which non-Chinese company can compete?
Tesla's moat is bipartisan support for 100%+ tariffs on Chinese EVs in the United States.
How long that lasts remains to be seen. American consumers living close to either border are going to be able to see Chinese EVs themselves.