Manuel Moreno Capa | From a practical point of view for the investor, Tesla is not really a car company. As opposed to selling cars, what it actually sells are expectations, future, potential. More or less the same as what many “dotcom” firms sold. That’s why its stock price is so crazy. But if at some point it became a simple car manufacturer, it would end up being valued as rigorously as the rest of the sector, irrespective of how advanced its models were.