SPY has only gone up modestly this year (12%) driven mostly by USD devaluation (-11%). Yet aggregate SPY P/E continues to climb to record levels because earnings have not kept pace with even the modest increase in stock prices.
Tesla's Price/Earnings (P/E) ratio is currently around 235. Industry average P/E ratio for US domestic automotive companies is 15.8. Toyota's P/E ratio is 8.2. BYD, the Chinese electric car juggernaut has a P/E ratio around 22.
Tesla's is 10 to 15 times higher. The price of its stock relative to the company earnings is insane against comparables. This is insupportable and non sustainable.
Tesla stock is far out of balance. People will say it's a tech company, not an auto company, but, as an ex-supplier to them before I retired, I can tell you their cars are their principle source of revenue.