wouldn't even measure teslas earnings and associated ratios
market cap is a valid measure though and is indicative of the percentage of the TAM (tota; addressable market) for their products and services.
as a manufacturer goes through relevant stages without going bankrupt their valuation should rise as they chance of them getting increasing percentage of teh TAM goes up.
Lucid/ CCIV is just starting so should have far lower market cap than TSLA - who's earning are all paper not real due to others buy credits from them
It is the same with the Chinese EV sticks like NIO and XPEV. The more you prove you can make by having production facilities and sales outlets the more your market cap potential
LUCID will be less risky due to Saudi backing and an existing factory compared to EV players plus cash raised through the SPAC Process.
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