Tesla Derives Much Of Its Value From Implicit And Explicit Subsidies. Valuation Upon That Premise

Tesla car buyers and Tesla itself gets indirect subsidies in the form of emission credits.

Since 2008 Tesla got around 14.3 billion USDs of emission credits disbursed by the US government from money gotten from the other combustion engine automobile producers active in the USA.

Without these 14.3 billion USDs Tesla would have most probably been unprofitable.

In addition Tesla got an estimated 3.4 billion USDs from an $7,500 tax credit for EV buyers which ended in 2019. This perk essentially allowed Tesla to sell American-made electrical vehicle at a higher price than manufacturing without the subsidy would have allowed. 

Elon Musk himself admitted that Tesla was on the verge of bankruptcy in 2019.

In short, Tesla's intrinsic worth is 120 billion USD and this is the value of the electric vehicle technology itself. Because Tesla would be unprofitable, loss making without the implicit and explicit government subsidies.

The issue is the electric vehicle engine requires large quantities of ferrous metals, namely lithium, cobalt, nickel copper and other expensive ferrous metals. This makes producing electric vehicles currently unprofitable, Basically, if a car company produces electric vehicles without implicit and explicit government subsidies the automobile manufacturer looses money. 

Essentially, Tesla and electric vehicle manufacturers essentially need to achieve a technological, engineering breakthrough to produce electric cars profitably.

If Tesla does not achieve a technological breakthrough, its value could go to 0, zero. It could become insolvent.

A lot of the value of Tesla, according to Wall Street investors and equity research analysts and Silicon valley investors and technologists comes from the promise of robotized taxi manufacturing and humanoid robots production by Tesla.

This is basically an option on the future. A claim on a future technological breakthrough to produce robotized taxis and humanoid robots. Self-driving cars have been a goal of the car manufacturing industry since the 1950's when the head of Daimler, the producer of the Mercedez brand said that self-driving cars will be a reality in 30 years.

Yes. If Tesla achieves a technological breakthrough and starts producing electrical vehicles and starts producing robotized taxis and humanoid robots, than it might substantiate its current market capitalization.