1) I'm glad you got in on TSLA. I was hesitant to jump in at that price point (was hoping for a sub $600 drop which never happened)I bought quite a bit of TSLA at ~745 back in March right before the COVID crash. After it dropped I sunk the rest of my cash into it, picking up 5 more shares at $400 on 17 March. I'm so happy with TSLA. Part of that rapid price climb last week is continued (another) short squeeze as they lose out again on an earnings call. TSLA is a force to be reckoned with.
They are so much more than a car maker. Ultimately TSLA will be another Trillion dollar company a la Apple or Amazon. That is what they're looking at.
S&P 500 index inclusion is right around the corner for TSLA (pending S&P 500 Committee approval) and that is also driving the price up.
They are selling all the zero emission vehicle (ZEV) credits that they accumulate as a by-product of their sales to ICE manufactures (Covered at 4:30 in the video below). For example, Fiat-Chrysler has an agreement to buy some 2 Billion dollars worth of ZEV credits from Tesla!
2) They are so much more than a car maker. Sure, they make batteries as well. That doesn't explained thier market cap vs the #1 battery maker and the #1 auto maker.
3) S&P500 inclusion. That might boost them but i personally think that's already priced in.
4) $2B of ZEV credits sounds like an astounding amount of free money BUT you need to think about it in terms of the # of shares (185.48M) = $10.78 per share. That's a drop on the bucket compared to their share price and this paper napkin calc doesn't include the PV of this future revenue stream (its not like FCA is cutting a check to Elon for $2B tomorrow). Now, I would also question adding a multiplier to this number since they can only sell the credits they generate. Even if someone w/o a good EV story (I dunno, Mercedes maybe) wants to buy credits, TSLA can only sell as many as they have cars. Which isn't much.
Bottom LIne: I think TSLA has value. Just not $224B of value. Amazon is worth $1.5T. Considering how much I and others have spent with them in the last 7 months, I'm not inclined to disagree with this valuation.