Market valuation depends on expected future profit margin per car. Not on how many million low margin cars you have already shipped. Walmart has the highest revenue, while Apple has the highest profit. Shipping a bunch of low margin stuff is of little value.
The market expects tesla to beat Toyota by an order if magnitude on profit margin per car. As simple as that.
TBH, that's a prediction of the future that you haven't substantiated.
The fact that the have insane YOY growth with 14B quarterly revenue, are supply constrained - not demand constrained, have very high profit margin per car if you exclude new giga factory investments is sufficient to justify the stock price.
The market expects tesla to beat Toyota by an order if magnitude on profit margin per car. As simple as that.