The market capital of Tesla and SpaceX are around $80 billion, so that means subsidies would account for about six percent.
Take for example Tesla’s market cap exceeds that of GM. But GM in 2016 built almost 8 million cars while Tesla built 83,922.
Tesla’s fundamentals simply do not justify its lofty valuation even under the most optimistic assumptions about its future. The company produced a total of 83,922 vehicles in 2016—making its plans to ramp up to 1 million cars by 2020 an uphill climb. It loses money on every car it makes, and its margins are only going to shrink when it produces the cheaper Model 3. Add to this the massive capital expenses of the Gigafactory and Solar City, and Tesla’s financial future looks very uncertain. If fundamentals mattered, investors are delusional about valuing Tesla at over $50 billion..