Tesla's market capitalization has risen to levels that are difficult to explain by automobile sales volume or operating profit alone.

Wall Street has bet on Tesla's potential to transform its business structure through autonomous driverless taxis, humanoid robots, and AI technology, and evaluated that such future premiums have led to valuations that overshadow traditional automakers worldwide.

▲ Assigning higher value to future technology than automobile sales

According to the Wall Street Journal (WSJ) on the 22nd (local time), Tesla has maintained its position as the world's top automaker by market capitalization for several years.

As of 2026, this position remained unchanged.

While the growth rate of electric vehicle sales has slowed and global competitors, including Chinese manufacturers, are expanding their presence in the electric vehicle market, Tesla's corporate value still significantly exceeds that of its competitors.

This is analyzed as being due to investors' expectations being concentrated on future growth potential rather than current performance.

▲ Market cap equivalent to combined value of 37 global automakers

Based on the closing price on the 22nd (local time), Tesla's market capitalization was assessed to be equivalent to the combined size of all 37 leading automotive manufacturers in the world.

Investors are evaluated as placing high value on Tesla's potential to successfully commercialize fully autonomous driving technology and humanoid robots.

Such expectations have served as a key factor in forming a premium exceeding current automobile sales performance.

▲ Potential for further gains ahead of earnings report

Tesla is scheduled to report its second-quarter earnings after market close on Wednesday, U.S. time.

Some Wall Street analysts have raised the possibility that the stock price could rise further following the earnings report.

Analysts noted that investors' attention is being concentrated on the progress of autonomous driving and artificial intelligence (AI) business, and future growth strategies, rather than near-term performance.

Tesla [AFP/Yonhapnews]

▲ "Evolving from automaker to AI company"

Tesla has consistently emphasized that its future growth strategy lies beyond traditional automobile manufacturing.

The company has presented a plan to foster autonomous driverless taxis, humanoid robots, and AI technology as core businesses.

It has clearly defined its strategy to transform from an automobile sales company to an AI-based mobility platform company.

▲ Merger with SpaceX also under discussion

The market has highly evaluated Tesla's long-term growth potential, and the possibility of a merger with SpaceX, the space company led by Elon Musk, has been continuously raised.

While no concrete plans have been disclosed, some investors and analysts have projected the possibility of the two companies' technologies and business structures combining in the long term.

▲ Reality still centered on automobile sales

However, to date, Tesla's business structure remains centered on automobile sales.

More than 70% of total revenue last year came from electric vehicle sales.

While Tesla is presenting a blueprint to transform into an AI and robotics company in the future, the core business currently supporting corporate performance remains electric vehicle manufacturing and sales.

▲ Market valuation based on 'future' rather than 'present'

Analyses indicate that Tesla's corporate value is being evaluated by different standards than those applied to existing automakers.

While traditional automakers such as General Motors (GM) and Toyota are evaluated based on production volume and profitability, Tesla's corporate value reflects the growth potential of future technologies such as AI, autonomous driving, and robots.

Ultimately, Wall Street is evaluating Tesla not as a simple automobile manufacturer but as a future technology platform company, and this expectation has served as the backdrop for maintaining the highest market capitalization in the global automotive industry.