Tesla’s Sky-High Stock is a Sign of Wall Street Losing Its Focus

It’s a crazy time. Tesla, which last year made only 80,000 vehicles and is still losing money, just surpassed General Motors in market capitalization. GM, by contrast, sold 10 million and earned $8 billion. GM has even beaten Tesla to the compact and mid-size electric car markets. But investors don’t seem to care.

The theory goes that Tesla is focused on the technology of the future, while GM, for all . . .

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