By market value, Tesla is the world's most valuable car manufacturer by a gargantuan margin. Market leader Toyota will sell around 9.5m vehicles this year, yet is worth just $250bn — that's almost $410bn less than Tesla. To get near to Tesla's current equity value means adding up the combined market values of the top seven or eight carmakers. Also, Tesla's valuation is approaching the collective valuation of the rest of the global car-making industry combined. Yet Tesla will sell only half a million of the 61.9m cars forecast to be sold in 2020. How could a business with a 0.8% market share possibly be valued almost as much as the other 99.2% put together? To me, this is yet another huge warning sign flashing red over TSLA.