i think can’t judge using the current ICE manufacturer stock valuation, as the market is already generally bearish for them - their downfall is almost certain..Just a poll: In the future (beyond 2040 perhaps) when EV industry has matured, what PE will the market give EV makers? Currently traditional ICE makers are ~8x (GM, Toyota).
also i guess it depends on how u look at it, if they are purely a car manufacturer? or they are both a hardware and a software company like apple is.. i am of the opinion that they will retain and improve their profit margin as battery costs comes down, and self driving software may make them the most compelling product in the market. maybe 25 PE?
