Is TESLA a car company or a tech behemoth?

On this blog I did compare TESLA with other car companies like Toyota and Volkswagen.

Those are true car manufacturers.

But maybe this comparison makes little sense. Judging by its stock reaction - if a judgement can be made during a hyperbolic bubble move like we see these days - it acts more like the Nasdaq index rather than VW stock.

That is, it joins the select club of "this time is different" and "disruptive" crap technology stocks did enjoy in the last 2 years or so.

This article tries to explain (although I find the arguments very lite) how TESLA is actually a technology company; thus making sense (huh???) of its current valuation.

“We value [Tesla] like other category killers,” Osha said in a note to clients.

“It is true that TSLA makes cars, while [Apple] and [Nvidia] do not, and it is reasonable to point out that those companies are not perfect comps,” Osha added.

“What is clear is that comparing TSLA to ex-growth auto companies that are losing market share and losing money is not useful. We believe that TSLA is a category killer that is still early in the process of building a dominant position in electric vehicles, and the stock needs to be valued in comparison to other similarly successful companies.”

“We have noticed the comp group for Tesla has changed materially as well,” Jonas added.

“No longer is Tesla being compared to legacy automakers that trade at 1/5th or 1/10th of Tesla's market cap. Increasingly, we’re having discussions with investors who want to talk about Tesla valuation vs. the world’s most successful and highly valued tech firms.

This thing is not disruptive anymore, it's a category killer!

No kidding!

What do you think of that bullshit? What technology TESLA owns or develops to justify the stupid behaviour of its stock?