In the auto industry, Jan. 8, 2021 was an earthquake. Tesla’s valuation eclipsed
that of the rest of the world’s automakers combined, reaching a record $844
billion. Although the electric carmaker was responsible for selling less than 1%
of the world’s vehicles, in the eyes of investors, at least, it was worth more
than an entire industry that has been around since the 1880s. The future of
vehicles, the market is saying, will look nothing like its past.
But at present, little about Tesla’s valu