10k is still half of recently re-IPOd Porsche profit per car though. That probably doesn't explain the majority of their valuation. Especially given that Porsche are similarly priced [0] and don't have revenue from CO2 certificate sales which are 20% of Tesla profits [1].
Porsche revenue increased by 15% compared to last year, Tesla's 55%. It's not even close.
More so, I think Porsche intends to keep marketing themselves as a luxury brand, while Tesla aims to produce cheaper cars in the future, so the TAM is much larger.
https://fred-lavery.porschedealer.com/how-much-does-a-porsch... [0] https://carboncredits.com/tesla-regulatory-carbon-credit-sal... [1]