Musk has focused his efforts on an intellectual cornering of many major patents, while $TSLA itself still ostensibly is an automobile manufacturer. Investors know to think beyond the car itself to the brain and heart of the machine, its lithium ion battery. A technology that will continue to be a staple in industries far beyond the automotive, it has real appeal to those playing a very long-term investing game.
That is, after all, essentially what Musk is doing himself. While there is real competition to corner the electric-hybrid truck market, a race with Ford, the real hope of Tesla's long-term status is more reliant on being innovative , not on being "THE" manufacturer of a hybrid car. This somewhat conflicting paradox at least partly lies at the stem of those debating the merit of its established value today of $1025 per share. It is joining the 1k club, with opinions still completely all over the board both as to why, and how, it happened. Fun times.