$Tesla Motors(TSLA)$ was worth $75B in 2Q218 when it delivered ~20k vehicles per month.
This is where $NIO Inc.(NIO)$ $NIO-SW(09866)$ was as of 2Q24 but at $11B mcap.
BUT... the road to profitability isn't clear yet with the latter.
Is that 85% discount justified?
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The difference is that TESLA was the only company then and it was easy to get into profit but there are tons of competition now.
The first mover advantage is significant. But it doesn't mean it is a permanent advantage.
https://x.com/BrianTycangco/status/1833482807957409828
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