The reason why that is that the (consuming)public, lead by the mainstream media, is doesn’t agree.
On April 11 of 2017, the NY Time in their story titled “Tesla’s Market Surge Has Even Fans Looking for Feet of Clay” noted on its caption that Tesla’s value was surpassing that of Ford and GM. The article discusses the relationship the fact that GM actually produced 9.8 million cars and had profits of $9.4 billion dollars in 2016 vs Tesla’s production of 80,000 cars and “lack of profits” for the same year.
On may 3rd 2017, the NY times again profiled Tesla in relation to its value disconnect from its earnings. The title of that story was “Tesla, Reporting Bigger Loss, Emphasizes Gains in Production and Sales”. While explaining that Tesla is a “story stock”, the author Bill Vlasic, referred to the fact that its market value capitalization had exceeded Ford and GM.
If the New York Times isn’t enough, the Washington Post on April 11th, 2017 pointed wrote about Tesla along similar themes. Its story was titled “Sorry, GM: Tesla is now America’s most highly valued automaker”. The story writer, which is not the same person as the headline writer most likely, then proceeded to list all the things the company needed to keep the company on track, number one of which was not allowing Elon Musk to leave the company.
It is all good and well that Elon Musk denies any claim to his company being worth more than GM, or that it should be thought of differently, but that might not be what the subscribers of the most widely distributed papers in the US think. Furthermore, what the New York times and Washington Post publish are good gauges for what the national news media will regurgitate.
The reason they obviously have to start asking things is that the company’s value is getting out of touch with the stalwarts of America’s real car economy. If Tesla isn’t GM or Ford, then just what is it? Musk is losing control of the narrative and the common man can only call it for what it is. The most highly prized car company in America, on equity value. They just produced less than 1% of the production in GM’s value in 2016.