I don't get it either, but it seems to me a bit similar to how the US, if you look at market value of car companies, has utterly crushed Europe and Japan (with China surging ahead of those and maybe threatening the US soon), which to me sounds crazy (I still think of German cars as the top of the bunch).

According to Google (AI summary, no idea if it's 100% right but from what I've seen elsewhere it seems right):

Top Car Companies by Market Value (May 2026):

- Tesla ($1.3T - $1.56T): Retains market leadership with a valuation often exceeding the next several largest competitors combined.

- Toyota ($259B - $317B): Largest traditional automaker by market cap and unit sales.

- BYD ($122B - $126B): Strong market position as a Chinese electric vehicle leader.

- Xiaomi ($119B - $135B): High valuation following its entry into the smart EV market.

- General Motors ($69B - $75B): Leading traditional U.S. manufacturer, competing with Hyundai and BMW for top 10 spots.

- Ferrari (\(\approx\$60B-\$68B\)): Maintains high value due to luxury branding.

- BMW / Mercedes-Benz / Volkswagen (\(\approx\$58B-\$64B\) each): German luxury and traditional automakers facing high competition.

- Ford (\(\approx\$47B-\$54B\)): Remains a major player with significant US market share.

So, essentially, Tesla alone is somehow worth more than all European companies combined??!

Except that by sales volumes, the top companies are exactly the ones you'd expect: Volkswagen ($350B) and Toyota ($315B) at the top, far ahead of anyone else... Tesla is around the 7th place with just $95B. Does the financial markets still expect them to far out-earn Volkswagen and Toyota any time soon, we've been waiting for like a decade already??

Gemini says that by country, the car companies revenues are:

* Germany - ~ $600B

* Japan - ~ $520B

* USA - ~ $470B

* China - ~ $250B

How does that even make any sense?

There is a reason in capitalism we have anti-monopoly law or preventing dumping prices because those often leads to monopoly. So yes for sure you can kill your competition by just dumping money and loosing profits.