Pundit Tesla mkt cap is back to 660B from 550B in few days.. as semi and pickup truck orders skyrocket. Staying power.
See it this way, Tesla is selling 500k cars yearly as at 2020. From 10k in 2016. Projection is 1m by 2022. The 500k cars per year is DELIVERIES - what they are able to manufacture today - these are orders from 2018. If you order today it delivered in 2022. Plan is to nick quick same-week order-to-delivery in 2022.
I know your assumption is Tesla has only 500k orders but it's actually a manufacturing/scaling headache. Since the 500k is 50% of EV sales worldwide- they only need to hold onto a good share of that - 10 to 15% - and become biggest auto in few years. GM 10m sales are gasoline cars obviously- their share of EV is maybe 2%. With their chameleon innovation pace with Ford, Daimler, Ferrari, etc - Tesla will supplant them as world goes EV from gas.
Tesla of course does not compete with Toyota or Nissan - 10k cars - these are being routed by Chinese BYD. Japan is losing cheap auto to China. Germany and Detroit are losing luxury auto to Tesla. That why VW or GM stocks are stuck at 50B as Tesla hit 600B. Noone sees how GM will convert its old combustion engine assembly into EV so fast, let alone catch up in self-driving. Google and Apple are unable to compete with Tesla
in tech - Uber, GM, VW shut down their hopelessly outpaced self-driving and outsourced.