"In theory, Tesla shouldn't be worth what it is because the tech behind it is increasingly getting commoditized (though they work hard to stay slightly ahead). But people love Tesla and it's the first choice EV because they've really thought through the UX of a semi-self driving car EV thoroughly".
No need to theorize at this point. Plenty have pointed out how overinflated Teslas value is at this point. It's pretty much cult of personality that is propping them up at this point. Tesla is actually very similar to Apple in that they "pioneered" a new market and that has created an identity of leadership in that market. I'm not sure Tesla is going to be able to keep up as the competition continues to grow rapidly.
No need to theorize at this point. Plenty have pointed out how overinflated Teslas value is at this point. It's pretty much cult of personality that is propping them up at this point. Tesla is actually very similar to Apple in that they "pioneered" a new market and that has created an identity of leadership in that market. I'm not sure Tesla is going to be able to keep up as the competition continues to grow rapidly.