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Toyota has flip-flopped from hybrids to fuel cells to hydrogen and now to solid state batteries.

Toyota has had varying PR messages but have been working on all of the above from an engineering point of view. Their attempt at hydrogen fuel cells has all but failed and they seem to be too proud to admit it and/or have gotten so much Japanese govt support they keep pushing on that rope.
EVs have won the technology race and their will be numerous battery types. Solid state is promising but will take many years to productize and more years to ramp up. Tesla has proven that desirable cars can be made without them.

....

It's entirely possible "the easy money has been made" and the stock will effectively trade sideways for awhile. The top end may be set for some time by the bearish meme that "they're not profitable without selling the carbon credits".

Tesla has ~1% of the car market. They have two new factories that will come on line within 6-10 months and more than double their capacity. They have the most efficient EV drive train.
The typical car company has about 70 days of car inventory (maybe a bit less now due to high demand) while Tesla has ~8 days of inventory -- which is essentially ZERO since the deliveries can't be made as the cars roll out of the factory.

So I think they still have room for the stock to grow -- but it will be lumpy.

Mike
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