Study the valuation multiples in Exhibit 6. How do the valuation multiples of Tesla compare to that of the 'big ten' auto companies? What does this suggest about how investors view Tesla

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Company Tesla Volkswagen Toyota Stellantis* Mercedes-Benz Ford BMW Honda General Motors SAIC** Hyundai Vehicle Production (m units) 0.930 8.283 8.158 N.A. 2.342 N.A. 2.461 4.143 N.A. 5.473 3.406 EXHIBIT 6 Tesla v Big Ten Auto Companies (Ranked by LFY Revenue) Vehicle Sales (m units) 0.936 8.882 8.305 5.927 2.330 3.942 2.522 4.121 6.291 5.46 3.891 Revenue Net income Market Cap ($USM) (US$m) 53,823 $5,476 295,928 279,454 179,921 158,364 136,341 131,570 129,601 127,004 120,918 102,765 19,316 25,382 16,470 5,017 321 14,715 6,297 10,564 3,38 3,332 ($USM) 734,034 88,348 257,558 41,163 70,292 46,147 54,223 45,108 47,867 52 28,516 EV ($USM) 724,367 72,040 230,257 24,224 42,405 37,718 145,975 86,621 52,075 40,810 100,158 EBITDA EV/EBITDA ($USM) 10,007 55,819 42,904 25,906 14,421 12,269 23,599 13,201 22,370 4,872 9,988 (LFY) 72.39 1.29 5.37 0.94 2.94 3.07 6.19 6.56 2.33 8.38 10.03 EV/EBITDA (NFY) 36.48 4.22 1.53 7.34 0.97 1.68 2.74 6.65 8.02 3.07 9.71 Big ten median LFY = Last Financial Year, NFY = Next Financial Year * Formed in 2020 from the merger of the Italian-US conglomerate Fiat-Chrysler Automobiles with the French PSA Group. Brands include Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS, Fiat, Fiat Professional, Jeep, Lancia, Maserati, Mopar, Opel, Peugeot, Ram and Vauxhall. ** Formerly Shanghai Automotive Industry Corporation Source: Bloomberg 4.86 Company Tesla Volkswagen Toyota Stellantis* Mercedes-Benz Ford BMW Honda General Motors SAIC** Hyundai Vehicle Production (m units) 0.930 8.283 8.158 N.A. 2.342 N.A. 2.461 4.143 N.A. 5.473 3.406 EXHIBIT 6 Tesla v Big Ten Auto Companies (Ranked by LFY Revenue) Vehicle Sales (m units) 0.936 8.882 8.305 5.927 2.330 3.942 2.522 4.121 6.291 5.46 3.891 Revenue Net income Market Cap ($USM) (US$m) 53,823 $5,476 295,928 279,454 179,921 158,364 136,341 131,570 129,601 127,004 120,918 102,765 19,316 25,382 16,470 5,017 321 14,715 6,297 10,564 3,38 3,332 ($USM) 734,034 88,348 257,558 41,163 70,292 46,147 54,223 45,108 47,867 52 28,516 EV ($USM) 724,367 72,040 230,257 24,224 42,405 37,718 145,975 86,621 52,075 40,810 100,158 EBITDA EV/EBITDA ($USM) 10,007 55,819 42,904 25,906 14,421 12,269 23,599 13,201 22,370 4,872 9,988 (LFY) 72.39 1.29 5.37 0.94 2.94 3.07 6.19 6.56 2.33 8.38 10.03 EV/EBITDA (NFY) 36.48 4.22 1.53 7.34 0.97 1.68 2.74 6.65 8.02 3.07 9.71 Big ten median LFY = Last Financial Year, NFY = Next Financial Year * Formed in 2020 from the merger of the Italian-US conglomerate Fiat-Chrysler Automobiles with the French PSA Group. Brands include Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS, Fiat, Fiat Professional, Jeep, Lancia, Maserati, Mopar, Opel, Peugeot, Ram and Vauxhall. ** Formerly Shanghai Automotive Industry Corporation Source: Bloomberg 4.86

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The valuation multiples of Tesla are significantly higher than those of the big ten auto companies i... View the full answer