I think the problem is the path to that 100x seems doubtful. They’d have to have 100x their current manufacturing, which is a very very difficult feat. Startup investors look at huge multiples like that because scaling a computer business is relatively easy. Making 100x the number of cars/battery sales involves (roughly) hiring 100x the number of employees, having 100x the number of factories, 100x the distribution work. Scaling that by 2027 is impractical even if that is their eventual trajectory goal. Meanwhile they’re fighting in an increasingly competitive market.
I think the problem is the path to that 100x seems doubtful. They’d have to have 100x their current manufacturing, which is a very very difficult feat. Startup investors look at huge multiples like that because scaling a computer business is relatively easy. Making 100x the number of cars/battery sales involves (roughly) hiring 100x the number of employees, having 100x the number of factories, 100x the distribution work. Scaling that by 2027 is impractical even if that is their eventual trajectory goal. Meanwhile they’re fighting in an increasingly competitive market.