Tesla has an P/E Ratio of 332 (in comparison, Apple has 31.3) - the stock price is not based on measurable numbers so I don't think that the unsold EVs will have any consequences for the valuation.

When reality finally sets in it will not be pretty.

Source: At the End of https://asymco.com/2026/03/31/melius-highlights-fcf-while-re...

Edit: typos

How far could this go?

As a thought experiment could you have a publicly traded company with zero revenue and zero assets. It’s literally paper. What would stop its stock from “mooning” if the Keynesian beauty contest or the global stock casino decided it should?

What mechanism pushes the other way? Nobody pays dividends anymore.