Tesla's valuation is supported by imagination and is not a good target. Tesla's high valuation mainly comes from several aspects of premium: 1. Recognition of Musk's' greatness beyond words' 2. Expectations for the future leading position of autonomous driving 3. Expectations for the Robot Business 4. Premium for Trump's close comrades 5. The belief that without Tesla, there would be no prosperity in the electric vehicle industry. But in reality: