They value Tesla as a battery manufacturer.

Which is funny, because Tesla has no chemistry chops at all. Tesla buys Panasonic cells and CATL cells.

Yes, Tesla is technically a battery manufacturer because they take individual cells from CATL and then add electronics to them. (A package of cells is called a “battery” in the Electrical Engineering world). But its not the battery people “care” about when talking about this subject.

The “cell” (aka: the chemical package of size 18650 or 4680 or whatever) is Panasonic or CATL. Almost no Tesla involvement at all. This is what “common people” call the battery pack, not the giant computer system + wires that connect the cells together (which is what Electrical Engineers call the battery).

In effect, Tesla / Elon Musk is taking advantage of investor’s ignorance and its hilarious. Its been like 15 years and the investors still haven’t figured out that Tesla has no “cell manufacturing” and has basically been misleading their investors this whole time.