The difference is that the stock market values the future, not just today's revenue or profits.
Tesla is priced based on investors' expectations that it will grow beyond electric cars into areas like AI, autonomous driving, robotics, and energy. BYD is viewed more as a traditional automaker, even though it currently has strong sales and profits.
This doesn't automatically mean Tesla is a bubble or that BYD is undervalued. It means investors expect Tesla to generate much greater future value. Whether those expectations are correct will only become clear over time.
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