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.
Valuation can be computed with revenue. A typical small business has a valuation that’s around 2-3 times its annual revenue. P/E ratio is more or less this multiplier applied to stocks, since valuation and capitalization are, in theory, linked. So Apple would acquire a controlling stake in China with a stock swap, assuming sufficient capitalization.
However, a proper multiplier is difficult to assess for big countries, since they tend to own more nuclear weapons than most companies, and therefore can affect the volatility (and radioactivity) of the industry to a significant degree.